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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 27 May 2019 - onwards
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Schedule 5 Methods of Valuation

Regulation 36(1)

The valuation methodology for the purposes of Regulation 36(1) is as follows:

1. Securities that are listed or traded on a regulated market

Valuation shall be the closing or last known market price.

Where a security is listed on more than one exchange, the relevant market shall be -

(a) the exchange that constitutes the main market, or

(b) the exchange that the responsible person determines provides the fairest criteria in a value for the security.

2. Unlisted securities and securities that are listed or traded on a regulated market where the market price is unrepresentative or not available

The value of the security is its probable realisation value which shall be estimated with care and in good faith.

The security shall be either -

(a) valued by the responsible person,

(b) valued by a competent person appointed by the responsible person and approved for the purpose by the depositary, or

(c) valued by any other means, provided that the value is approved by the deposit

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