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Beverly Chandler, Opalesque London. The technical committee of the International Organization of Securities Commissions (IOSCO) has produced a Consultation Report, entitled Principles for the Valuation of Collective Investment Schemes with the aim of outlining principles against which both the industry and regulators can assess the quality of regulation and industry practices concerning CIS valuation.

IOSCO believes that these draft principles reflect 'a level of common approach and are a practical guide for regulators and industry practitioners’ and expects implementation of the principles to vary from jurisdiction to jurisdiction, depending on local conditions and circumstances.

This latest consultation report is an update on the original set of IOSCO’s Principles for CIS Valuation, which were developed in 1999, and take into account subsequent regulatory, industry and market developments. IOSCO also finds that this new report clarifies some concepts the body put forward in its report entitled Principles for the Valuation of Hedge Fund Portfolios, such as the entity responsible for establishing a policy governing valuation and the independence of the valuation duty.

IOSCO writes: "The implementation of comprehensive policies and procedures for valuation of CIS assets is a fundamental principle underpinning this sector. It is critical that a CIS properly value all assets in its ......................

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