Financial Markets Conduct Regulations 2014

Compliance with valuation policies and methodologies and applicable framework or methodology

3 Compliance with valuation policies and methodologies and applicable framework or methodology

Calculations of returns, of the value of assets, and of other amounts that are undertaken for the purposes of this schedule must be made in accordance with—

(a)

the valuation policies and methodologies specified in or by the governing document for a managed fund or, to the extent that matters are not covered by those policies or methodologies, GAAP, unless (or except to the extent that) to do so would be inconsistent with these regulations or with an applicable framework or methodology; and

(b)

an applicable framework or methodology (if any).