ICI Issues Paper on Mutual Fund Valuation Issues
The Investment Company Institute (the "ICI") published a paper (the "Paper") that updates its February 1997 publication on portfolio security valuation and liquidity determinations for registered investment companies. The Paper was prompted by subsequent guidance on valuation issues provided by the staff of the SEC’s Division of Investment Management (Letters to Craig S. Tyle, dated December 8, 1999 and April 30, 2001 from Douglas Scheidt, Associate Director and Chief Counsel, Division of Investment Management (the "1999 and 2001 Letters")). The principal topics addressed in the Paper are regulatory requirements governing valuation, valuation of foreign and domestic portfolio securities in light of the 1999 and 2001 Letters and the responsibilities of fund boards in the valuation process.
