....Under the Investment Company Act of l940, the SEC requires mutual fund boards to determine and report the "fair value" of their investments in restricted shares and other illiquid equity claims. The SEC interprets fair value to mean value in current sale. Under the Investment Company Act, fair value reporting is a "certification" standard that presumes investors rely on the value representations of the fund board and its auditors.....
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=249317#PaperDownload
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment