Changes to the procedure of determining the net asset value of ICI have entered into force.
The National Securities and Stock Market Commission (hereinafter NSSMC) announces that on May 26, 2020, changes to the Regulation on the Procedure of Determining the Net Assets Value of Joint Investment Institutions (ICI) entered into force.
The document gives definition of the signs that indicate a decrease in the usefulness of the asset, including securities that are part of the ICI assets, namely:
It is important that in case of the occurrence of the signs mentioned above concerning a certain asset of ICI, the asset management company should revalue such an asset.
Securities shall be devalued to zero within three working days from the date of publication of the relevant Resolution of the NSSMC.
“By these changes, we put an end to the question of how much are the fictitious securities the trading of which we have stopped. The real value of many such assets from fund portfolios is zero. It is necessary to recognize this and record it in the revaluation”, Oleksandr Panchenko, Commissioner of the NSSMC, commented.
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