(1) A responsible person shall -
(a) ensure that securities prices and currency rates used by a UCITS for valuation purposes are -
(i) up-to-date, and
(ii) provided by or obtained from a source that the responsible person considers to be reputable and reliable, and
(b) keep the reliability of its sources of prices and rates under review.
(2) A responsible person shall establish and maintain systems and procedures to enable the responsible person to, at least, do the following in respect of the relevant UCITS:
(a) verify uncertain prices and rates;
(b) ensure that investment restrictions are not breached;
(c) ensure that dividends, expenses and taxes are accounted for properly;
(d) provide movement thresholds at which price movements are reviewed;
(e) query prices in which there appears to be little or no movement over time;
(f) provide for the valuation policy in relation to unlisted or illiquid securities;
(g) provide for the valuation policy in relation to OTC derivatives.
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