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of <h1>Mutual fund valuation policies must ensure NAVs reflect realizable market value; board-approved methods, audits, disclosures required</h1> Requires mutual funds to adopt principles of fair valuation that yield realizable values and to value investments in good faith according to board-approved valuation policies, ensuring NAVs reflect true and fair value; operative effect: valuations must mirror realizable market value and support fair treatment of purchasers and redeeming investors. Mandates prior approval of valuation methodologies for new asset types by the asset management company's board; operative effect: no investment in novel instruments until methodology is approved. Requires detailed written methodologies, exceptional-event procedures, annual policy review, conflict-of-interest controls, detection/prevention measures and independent annual audit of policies; operative effect: enhanced procedural safeguards and oversight. Requires disclosure of policies and board reporting, and places ultimate responsibility for fair valuation on the asset management company, permitting documented deviations with board notification and investor disclosure; operative effect: liability for correct NAV despite published procedures.
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