Section 94
of Securities Markets Regulations, 2015
Section 94
(1)
An operator must -
fa} ensure that the collective investment scheme property is valued at regular intervals as appropriate to the nature of the collective investment scheme except where such valuation is suspended in any circumstances that are provided for in the collective investment scheme's constitution or prospectus;
(b)
prepare a valuation in accordance with sub-regulation (3) for each relevant type of unit at each relevant valuation point; and
(c)
if the collective investment scheme is a public collective investment scheme, as soon as practicable after each valuation point, both publish and make available to the unit holders and prospective unit holders of the collective investment scheme, the price of the units of the collective investment scheme.
(2)
The value of the collective investment scheme property is the net value of the collective investment scheme property after deducting any expenses and debts including any capital outstanding on a mortgage of any real property.
(3)
The value of the collective investment scheme property must, save as otherwise provided in these Regulations, be determined in accordance with the constitution and the prospectus.
(4)
For the purposes of sub-regulation (2), any charges that were paid or would be payable, on acquiring or disposing of any asset, must be excluded from the value of that asset.
Valuation and errors.