"The net value of the fund will reflect the changes in the value of its portfolio more timely and accurately." Equity funds are not affected much, but have a greater impact on bond funds and monetary funds.
Previously, the Fund used the market price for daily valuation of exchange stocks, while the money and bond funds used the amortized cost method and shadow pricing method.
The biggest drawback of amortized cost method is that its calculated net fund value cannot reflect the influence of market interest rate and transaction price in the process of holding bills, and the net fund value may deviate greatly from the net fund value calculated at market price.
On June 8 this year, the regulations issued by the China Securities Regulatory Commission stipulated that if there is a market price on the valuation date, the fair value should be determined by using the market price. If there is no market price on the valuation date, but the economic environment has not changed significantly after the recent trading day, the latest trading market price shall be adopted to determine the fair value. If there is no market price on the valuation date, and the economic environment has changed significantly after the recent trading day, we should refer to the current market price of similar investment products and major change factors, adjust the market price of the recent trading, and determine the fair value. If there is sufficient evidence to show that the market price of the recent transaction cannot truly reflect the fair value, the market price of the recent transaction should be adjusted to determine the fair value.
For investment products without active market, the fair value should be determined by valuation techniques generally recognized by market participants, and verified by the actual market transaction price in the past.
For the valuation of specific investment varieties, it is clear that stocks and warrants listed on the exchange are valued at the closing price, listed bonds are valued at the closing net price, and futures contracts are valued at the settlement price. Asset-backed securities transferred by the exchange in the form of block trading will issue unlisted stocks, bonds and warrants for the first time, and the fair value will be determined by using valuation techniques; In the case that it is difficult for valuation technology to reliably measure fair value, follow-up measurement is made at cost.
Unlisted stocks are issued by means of transfer, allotment and public offering of new shares, and the initial public offering of stocks with a clear lock-up period is valued at the market price of the same stock listed on the exchange; Non-public offering of shares with a clear lock-up period shall determine the fair value in accordance with relevant regulations.
The fair value of fixed-income products such as stock options, warrants that stopped trading but did not exercise, bonds traded in the national inter-bank bond market, and asset-backed securities is determined by valuation techniques.
On June 22nd, China Securities Association set up a working group on the valuation of securities investment funds and released it, and finally determined the yield curve and valuation price of China bonds provided by China Government Securities Depository and Clearing Corporation as the main valuation basis of fixed-income investment funds.
There is still a difference. Suggest using a new one.
According to the newly issued Regulations on Fund Sales and Regulations on Domestic Qualified Institutional Investors, the securities investment funds have added the regulations on fund sales business and QDII funds.
Comprehensively sort out and revise the basic concepts, theories and basic frameworks in the original textbook, correct mistakes and omissions, and delete contents that are no longer applicable.