(1) A responsible person shall establish and ensure adherence to a valuation policy that satisfies the requirements of paragraph (2).
(a) A valuation policy shall set out the valuation methodology of the assets of the UCITS, in accordance with paragraph (3).
(b) The valuation policy shall be included in the constitutional document of the UCITS.
(3) A valuation policy shall provide and ensure that -
(a) the valuation methodologies of a UCITS and the pricing of units treat incoming, existing and outgoing investors in the UCITS fairly,
(b) where the valuation policy is to calculate both a bid and offer price for units in a UCITS, the methodologies for both must be clear, unambiguous and disclosed,
(c) the valuation methodologies, including provisions which allow for a switch from a mid-market to a bid or offer basis, are applied on a consistent basis throughout the life of a UCITS, and
(d) there is consistency in the valuation methodologies adopted through-out the various categories
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