One of the key administrative duties of a Collective Investment Scheme (‘CIS’) manager is the calculation of portfolio Net Asset Valuation (‘NAV’) and the pricing of participatory interests. On 19 May 2020, the Financial Sector Conduct Authority (‘FSCA’) published the NAV Conduct Standard which prescribes the requirements applicable to the calculation and pricing of the NAV of a CIS portfolio. To read the Conduct Standard, click here.

Since the publication of the NAV Conduct Standard, the FSCA has identified a need to provide guidance on the application of certain sections of the Collective Investment Schemes Control Act (‘CISCA’) and the NAV Conduct Standard. The Guidance Notice may also be applied in the valuation of instruments by regulated entities other than a CIS.

To read the Guidance Notice, click here.