Services > Fund Manager Code of Conduct (“FMCC”) Independent Valuation Review Report

According to the Fund Manager Code of Conduct (“FMCC”) issued by The Securities and Futures Commission(“SFC”) of Hong Kong, which came into effect on November 2018, section 5.3.1 of the FMCC requires that a Fund Manager should ensure that appropriate policies and procedures are established so that a proper and independent valuation of the fund assets can be performed and valuation methodologies are consistently applied to the valuation of similar types of fund assets.

The valuation policies and procedures should also describe the process for handling situations where the value of an asset determined in accordance with methodologies of the Fund Manager's valuation policies and procedures many not be appropriate. The valuation policies and procedures should include, and describe clearly, the process for handling exceptions, including:

1. requiring the Fund Manager to document the reason for any price override or deviation;

2. ensuring an appropriate review of the price override or deviation by a functionally independent party; and

3. describing the method for determining the appropriate price.

Our fund portfolio valuation policies and procedures service include:

1. establishing the rules of valuation policies and procedures for determination of the Net Asset Value of the investment funds and/or portfolios or accounts managed by our clients; and

2. ensuring the investment funds are consistently priced using a methodology that is as fair as is practicable to all investors and is compliant with all applicable rules and regulations.

According to the Fund Manager Code of Conduct (“FMCC”) issued by The Securities and Futures Commission(“SFC”) of Hong Kong, which came into effect on November 2018, section 5.3.7 of the FMCC requires that a Fund Manager’s valuation policies, procedures and processes should be periodically reviewed (at least annually) by a competent and functionally-independent party (the “Valuation Review Report”).

Our Valuation Review Report should include:

1. Review whether appropriate policies, procedures and processes are established so that a proper and INDEPENDENT VALUATION of the funds assets can are performed, in line with section 5.3.1 to 5.3.7 of the FMCC.

2. Testing the Valuation Procedures and Results by which fund assets are valued.