Relevant speeches and events
A list of relevant publications
Letters
27 November 2006
FSA Letter to IOSCO on good practice at UK Authorised Managers for the valuation of illiquid assets [PDF]
The difficulty of valuing positions in illiquid assets and markets, or in circumstances where no independent, objectively verifiable, screen prices are available is a general problem across financial markets, including hedge funds. Valuation errors can lead to investor detriment and in extreme cases fraud can result from deliberately misleading valuations. The FSA has investor protection and, in the extreme cases, financial crime concerns in this area.
Hector Sants in his role as managing director of the FSA's Wholesale Business Unit has written to Dan Waters as Chairman of the Valuations Sub Committee of IOSCO Standing Committee 5 outlining what the FSA considers to be Good Practice at UK Authorised Managers for the valuation of illiquid assets. The FSA recently conducted a project which focused on the systems and controls that UK based fund managers have over the valuations process and this letter takes into consideration the work that we have done in the valuations area.
Speeches |
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|---|---|---|---|
| Date | Title | Speaker | Event |
| 8 May 2006 | Risk based approach [PDF] |
Dan Waters | Globalisation of Mutual Funds Conference |
| 16 June 2005 | The challenges for investment managers | Dan Waters | IMA Conference |
| 24 February 2005 | FSA view - Regulatory Risks and Priorities for 2005 | Dan Waters | IEA’S 6th Annual ‘Future of Fund Management’ Conference |
| 8 February 2005 | Regulation and the Hedge Fund Industry: An Ongoing Dialogue | Dan Waters | Hedge Funds Blueprint Europe Conference |
| 28 September 2004 | FSA's outlook on asset management risks, priorities and challenges | Hector Sants | FSA's Asset Management Conference, London |