Mutual fund investment valuation must be fair, Board approved, disclosed, audited annually, and deviations documented and reported.

Mutual funds must value investments using fair valuation reflective of realizable value, under Board approved policies that detail methodologies for each asset class, exceptional event processes, annual review and conflict of interest measures. Asset management companies must detect and prevent incorrect valuation, obtain independent annual auditor review, update both Boards on findings, disclose valuation policies in the Statement of Additional Information and on their website, and remain responsible for true and fair valuation and NAV, with documented, reported deviations permitted when necessary to achieve fair value.

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