Bond Quiz Bond Valuation Bonds are long-term debt securities that are issued by corporations and government entities. Purchasers of bonds receive periodic interest payments, called coupon payments, until maturity at which time they receive the face value of the bond and the last coupon payment. Most bonds pay interest semiannually.
Fund shareholder reports required pursuant to section 30 e must report the value of portfolio securities and other assets, and calculate net asset values, pursuant to section 2 a 41 B.
Addresses valuation concerns when valuing restricted securities at cost, at the market price for unrestricted securities of the same class or by applying a constant percentage or an absolute dollar discount.
Board may delegate calculation of fair values pursuant to board approved methodologies. States that value can be determined fairly in more than one way for unlisted securities traded regularly in the over-the-counter market. Also addresses effect of infrequent sales or thin markets or concerns regarding the validity of quotations in considering whether market quotations are readily available.
Fair valuation of securities and other assets for which market quotations are not readily available. No single standard exists for determining the fair value of a security or other asset because fair value depends on the facts and circumstances of each situation.
Board's obligations include continuous review of propriety of valuation methodology. Addresses review by independent accountant of security valuations.
In the Matter of Christiana Securities Company, et al.
Funds are required to adopt policies and procedures that require monitoring for circumstances that may necessitate the use of fair value prices; establish criteria for determining when market quotations are no longer reliable for a particular portfolio security; provide a methodology or methodologies by which the fund determines the current fair value of the portfolio security; and regularly review the appropriateness and accuracy of the method used in valuing securities, and make any necessary adjustments.
Funds may be required to fair value portfolio securities if an event affecting the value of the security occurs after the market closes but before the fund prices its shares.
Existing credit, liquidity, or interest rate conditions in the relevant markets and issuer specific circumstances at each such time should be taken into account in making such an evaluation.
Addresses valuation of thinly traded securities, including that funds holding debt securities generally should not fair value debt securities at par or amortized cost based on the expectation that the funds will hold those securities until maturity, if the funds could not reasonably expect to receive approximately that value upon the current sale of those securities under current market conditions.
Also addresses fund use of evaluated prices provided by third-party pricing services to assist them in determining fair values of portfolio securities, including considerations in choosing pricing service and in using evaluated prices provided by a pricing service. The ten percent limit was subsequently increased to fifteen percent.
Restricted securities generally regarded as illiquid. Board has ultimate responsibility to make liquidity determinations and to monitor liquidity of portfolio securities. Addresses factors that funds consider in determining liquidity.
The ten percent limit was subsequently reduced to five percent. Money market funds must maintain a portion of their portfolio in cash and securities that are readily convertible into cash under a 10 percent minimum daily liquidity requirement inapplicable to tax exempt funds and a 30 percent minimum weekly liquidity requirement.
Also addresses assessing current market conditions when fair valuing thinly traded securities, as well as considerations in choosing pricing service and in using evaluated prices provided by a pricing service when determining the fair value of a fund's portfolio security.
Disclosure Form N-1A, Items 11 and 23and rule 6. An open-end fund other than a money market fund is required to briefly explain the circumstances under which the fund will use fair value pricing and the effects of using fair value pricing.
Paul Revere Investors Inc.News and analysis from the financial economists at SLCG. rutadeltambor.com: Equity Asset Valuation (CFA Institute Investment Series) (): Jerald E. Pinto, Elaine Henry, Thomas R. . Securities and Exchange Commission v. First Securities Company of Chicago, Union Bank & Trust Company, Helena, Montana, Claimant-Appellant, Keith S.
McKy Receiver-Appellee, Customer Creditors Committee, Committee-Appellee, F.2d , 1st Cir.
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