IOSCO final report on valuing collective investment schemes

The International Organization of Securities Commissions (IOSCO) has published its final report on valuing collective investment schemes (CIS), following the November 2025 consultation. The report updates and consolidates IOSCO's earlier principles on the valuation of CIS (2013) and the valuation of hedge fund portfolios (2007) into a single set of recommendations to enhance the reliability, consistency and transparency of fund valuation practices across jurisdictions. Specifically, the report reflects feedback from market participants, recent market developments including the increased exposure to illiquid and private assets and heightened retail participation, and periods of market stress and volatility.

The recommendations focus on: (i) governance and oversight arrangements (including under stressed market conditions); (ii) management of conflicts of interest; (iii) the application of sound and consistently applied valuation methodologies; (iv) appropriate use and oversight of third party valuation providers, and (v) transparency, disclosure and record keeping. These are set out in more detail in chapter 3 of the report. IOSCO states the recommendations are intended to be proportionate and adaptable across jurisdictions while promoting a more harmonised and globally consistent valuation framework.

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