{"id":26844,"date":"2026-06-01T09:00:00","date_gmt":"2026-06-01T13:00:00","guid":{"rendered":"https:\/\/gestionderiesgo.org\/?p=26844"},"modified":"2026-10-18T21:19:53","modified_gmt":"2026-10-19T01:19:53","slug":"iosco-recommendations-valuing-collective-investment-schemes","status":"publish","type":"post","link":"https:\/\/gestionderiesgo.org\/en\/iosco-recommendations-valuing-collective-investment-schemes\/","title":{"rendered":"Recommendations on Valuing Collective Investment Schemes (CIS): Final Report FR\/03\/2026"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-sizes-top:0px;--awb-border-sizes-bottom:0px;--awb-border-sizes-left:0px;--awb-border-sizes-right:0px;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-right:60px;--awb-padding-bottom:20px;--awb-padding-left:60px;--awb-padding-right-medium:30px;--awb-padding-left-medium:30px;--awb-padding-right-small:14px;--awb-padding-left-small:12px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\"><link rel=\"stylesheet\" href=\"https:\/\/fonts.googleapis.com\/css2?family=Zilla+Slab:wght@500;600&display=swap\">\n<style>.fusion-page-title-bar{background-image:linear-gradient(135deg,#0E3351,#186392)!important;background-size:cover!important}\narticle h2.fusion-post-title,.fusion-meta-info,.about-author,.related-posts,.post-slideshow,.fusion-flexslider.post-slideshow{display:none!important}\n#cgr-pub{--navy:#0E3351;--blue:#186392;--web:#1A80B6;--red:#E22A3A;--ink:#1C2632;--slate:#5B6775;--line:#E1E7EE;--mist:#F2F5F8;\n width:100%;min-width:0;box-sizing:border-box;max-width:1120px;margin:0 auto;padding:6px 0 8px;color:var(--ink);font:400 16.5px\/1.65 \"Open Sans\",system-ui,-apple-system,\"Segoe UI\",sans-serif}\n#cgr-pub *{box-sizing:border-box}\n#cgr-pub a{color:var(--web)}\n#cgr-pub .cgp-head{display:grid;grid-template-columns:minmax(0,5fr) minmax(0,7fr);gap:44px;align-items:center;margin:6px 0 40px}\n#cgr-pub .cgp-cover{margin:0;border-radius:14px;overflow:hidden;box-shadow:0 18px 38px -20px rgba(14,51,81,.5)}\n#cgr-pub .cgp-cover img{display:block;width:100%;height:auto}\n#cgr-pub .cgp-cover.cgp-doc{position:relative;aspect-ratio:5\/4;background:#0E3351}\n#cgr-pub .cgp-cover.cgp-doc i{position:absolute;inset:-24px;background-size:cover;background-position:center;filter:blur(24px) saturate(1.1) brightness(.62)}\n#cgr-pub .cgp-cover.cgp-doc img{position:absolute;left:50%;top:50%;transform:translate(-50%,-50%);width:auto;height:auto;max-width:78%;max-height:88%;border-radius:3px;box-shadow:0 14px 30px rgba(0,0,0,.5)}\n#cgr-pub .cgp-kind{margin:0 0 6px;font-size:14.5px;font-weight:600;color:var(--blue)}\n#cgr-pub .cgp-title{margin:0 0 14px;font:600 clamp(25px,3vw,36px)\/1.16 \"Zilla Slab\",Georgia,serif;color:var(--navy);letter-spacing:-.005em}\n#cgr-pub .cgp-lead{margin:0 0 20px;font-size:18px;line-height:1.55;color:var(--ink)}\n#cgr-pub .cgp-facts{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:12px 28px;margin:0 0 24px;padding:16px 0;border-top:1px solid var(--line);border-bottom:1px solid var(--line)}\n#cgr-pub .cgp-facts div{min-width:0}\n#cgr-pub .cgp-facts dt{margin:0;font-size:13px;color:var(--slate)}\n#cgr-pub .cgp-facts dd{margin:0;font-weight:600;color:var(--navy);overflow-wrap:anywhere}\n#cgr-pub .cgp-actions{display:flex;flex-wrap:wrap;gap:12px}\n#cgr-pub .cgp-btn{display:inline-flex;align-items:center;gap:8px;padding:12px 20px;border-radius:10px;background:var(--web);color:#fff!important;font-weight:600;text-decoration:none!important;border:1.5px solid var(--web);transition:background .2s,transform .2s}\n#cgr-pub .cgp-btn:hover{background:var(--blue);border-color:var(--blue)}\n#cgr-pub .cgp-btn.alt{background:#fff;color:var(--blue)!important;border-color:var(--blue)}\n#cgr-pub .cgp-btn.alt:hover{background:var(--mist)}\n#cgr-pub .cgp-btn svg{width:18px;height:18px;flex:none;fill:none;stroke:currentColor;stroke-width:1.75;stroke-linecap:round;stroke-linejoin:round}\n#cgr-pub .cgp-body{display:grid;grid-template-columns:minmax(0,7fr) minmax(0,4fr);gap:48px;align-items:start}\n#cgr-pub .cgp-main h3,#cgr-pub .cgp-side h3{margin:0 0 12px;font:600 25px\/1.2 \"Zilla Slab\",Georgia,serif;color:var(--navy)}\n#cgr-pub .cgp-main h3:not(:first-child){margin-top:36px}\n#cgr-pub .cgp-main p{margin:0 0 15px;max-width:72ch;text-align:left}\n#cgr-pub .cgp-importa{margin:30px 0 0;padding:20px 22px;background:var(--mist);border-left:4px solid var(--blue);border-radius:0 12px 12px 0}\n#cgr-pub .cgp-importa h3{font-size:21px;margin:0 0 8px!important}\n#cgr-pub .cgp-importa p{margin:0;max-width:none}\n#cgr-pub .cgp-side{position:sticky;top:110px;display:grid;gap:22px}\n#cgr-pub .cgp-card{padding:22px;border:1px solid var(--line);border-radius:14px;background:#fff}\n#cgr-pub .cgp-card h3{font-size:21px}\n#cgr-pub .cgp-points{list-style:none;margin:0;padding:0;display:grid;gap:12px}\n#cgr-pub .cgp-points li{position:relative;padding-left:26px;font-size:15.5px;line-height:1.55}\n#cgr-pub .cgp-points li:before{content:\"\";position:absolute;left:0;top:7px;width:13px;height:13px;background:var(--red);clip-path:polygon(46% 0,98% 0,100% 2%,100% 55%,56% 99%,51% 99%,45% 56%,1% 52%,0 48%);opacity:.9}\n#cgr-pub .cgp-cite{margin:0;font-size:14.5px;line-height:1.55;color:var(--slate)}\n#cgr-pub .cgp-chips{display:flex;flex-wrap:wrap;gap:8px;margin:0;padding:0;list-style:none}\n#cgr-pub .cgp-chips a{display:inline-block;padding:5px 12px;border-radius:99px;background:var(--mist);color:var(--navy)!important;font-size:13.5px;text-decoration:none!important;border:1px solid var(--line)}\n#cgr-pub .cgp-chips a:hover{border-color:var(--web);color:var(--blue)!important}\n#cgr-pub .cgp-note{margin:34px 0 0;padding-top:16px;border-top:1px solid var(--line);font-size:14px;color:var(--slate);max-width:72ch}\n#cgr-pub .cgp-aviso{margin:22px 0 0;padding:12px 16px;border-radius:10px;background:#FFF8E6;border:1px solid #F0DFA8;font-size:14.5px;color:#5a4a12;max-width:72ch}\n#cgr-pub .cgp-back{margin:20px 0 0}\n#cgr-pub .cgp-back a{font-weight:600;text-decoration:none}\n#cgr-pub .cgp-back a:hover{text-decoration:underline}\n@media(max-width:900px){#cgr-pub .cgp-cover.cgp-doc{aspect-ratio:4\/3}#cgr-pub .cgp-head{grid-template-columns:minmax(0,1fr);gap:26px}#cgr-pub .cgp-body{grid-template-columns:minmax(0,1fr);gap:30px}#cgr-pub .cgp-side{position:static}}\n@media(max-width:520px){#cgr-pub{font-size:16px}#cgr-pub .cgp-facts{grid-template-columns:minmax(0,1fr)}#cgr-pub .cgp-btn{width:100%;justify-content:center}}\n<\/style>\n<div id=\"cgr-pub\">\n<header class=\"cgp-head\">\n<figure class=\"cgp-cover\"><img fetchpriority=\"high\" src=\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-iosco-recommendations-valuing-collective-investment-schemes.jpg?v=1792372763\" width=\"1200\" height=\"750\" alt=\"Portada de la ficha: Recommendations on Valuing Collective Investment Schemes (CIS): Final Report FR\/03\/2026\" loading=\"eager\" decoding=\"async\"><\/figure>\n<div class=\"cgp-intro\">\n<p class=\"cgp-kind\">Standard \u00b7 International body<\/p>\n<h2 class=\"cgp-title\">Recommendations on Valuing Collective Investment Schemes (CIS): Final Report FR\/03\/2026<\/h2>\n<p class=\"cgp-lead\">IOSCO updates the global standard for fund valuation in the face of more funds holding less liquid and private assets and more retail investors.<\/p>\n<dl class=\"cgp-facts\"><div><dt>Organization<\/dt><dd>International Organization of Securities Commissions (IOSCO)<\/dd><\/div><div><dt>Document date<\/dt><dd>1 June 2026<\/dd><\/div><div><dt>Type<\/dt><dd>Standard<\/dd><\/div><div><dt>Language<\/dt><dd>English<\/dd><\/div><div><dt>Scope<\/dt><dd>International<\/dd><\/div><div><dt>Length<\/dt><dd>70 pages<\/dd><\/div><\/dl>\n<div class=\"cgp-actions\"><a class=\"cgp-btn\" href=\"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD824.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M7 3h7l5 5v12a1 1 0 0 1-1 1H7a1 1 0 0 1-1-1V4a1 1 0 0 1 1-1z\"\/><path d=\"M14 3v5h5\"\/><path d=\"M9 14h6\"\/><path d=\"M9 17h4\"\/><\/svg>Official document (PDF)<\/a><\/div>\n<\/div>\n<\/header>\n<div class=\"cgp-body\">\n<div class=\"cgp-main\">\n<h3>What it contains<\/h3>\n<p>Final Report FR\/03\/2026 of the IOSCO Board, dated 1 June 2026, unifies and replaces two earlier documents: the Principles for the Valuation of Hedge Fund Portfolios (2007) and the Principles for the Valuation of Collective Investment Schemes (2013). The review responds to three market changes: more funds holding less liquid or illiquid assets, including private ones; more retail investment in those funds; and the valuation difficulties experienced in episodes of volatility, such as in 2020. It applies to registered or authorized public open-ended funds, except money market funds, and regulators may extend it as good practice to other funds.<\/p><p>There are 13 recommendations: valuation policies and governance, conflicts of interest, methodology, price overrides, consistent application, periodic review, third-party valuation providers, purchases and redemptions at net asset value with forward pricing, valuation frequency, net asset value available to investors at no cost, disclosure, pricing errors and record keeping. The main novelties: effective and independent oversight of the valuation function and governance rules for stressed market conditions; an expanded framework for managing conflicts and disclosing those that cannot be mitigated; the requirement of fair value and guidance on back testing and calibration; more due diligence on third-party providers; a process to correct stale or inaccurate valuations; and a new recommendation on records.<\/p><p>The stated objective is fair and consistent valuation of assets, with more governance and accountability in the process, transparency toward investors and regulators, and less systemic risk arising from inaccurate or inconsistent valuations. The recommendations cover the whole valuation ecosystem: responsible entities or fund managers, internal valuation functions and committees, and third-party providers. For exchange-traded funds (ETFs), which are traded mostly on the secondary market, the net asset value remains relevant, so the recommendations apply with proportionate considerations, such as the dual pricing mechanism between the primary and the secondary market.<\/p>\n<section class=\"cgp-importa\"><h3>Why it matters for risk management<\/h3><p>Asset valuation is a source of model, liquidity and conduct risk for funds, and its control matters for those who invest, manage or audit. Dominican fund management companies and brokerage firms can use the recommendations as a reference for good practices; they are not a local rule and their adoption depends on each regulator. Since the text is in English and no copy was hosted on the site, it is advisable to read the original before citing it.<\/p><\/section>\n<p class=\"cgp-note\">Resumen elaborado por el Club de Gesti\u00f3n de Riesgos de la Rep\u00fablica Dominicana a partir de la lectura del documento original, con fuente verificada el 18 de octubre de 2026. No sustituye la lectura del texto oficial ni constituye asesor\u00eda.<\/p>\n<p class=\"cgp-back\"><a href=\"\/en\/publicaciones\/\">See all publications<\/a><\/p>\n<\/div>\n<aside class=\"cgp-side\">\n<section class=\"cgp-card\"><h3>Key points<\/h3><ul class=\"cgp-points\"><li>Thirteen recommendations that replace the 2007 valuation principles (hedge funds) and the 2013 ones (collective investment schemes).<\/li><li>They apply to public open-ended funds, except money market funds; ETFs are included with their own considerations.<\/li><li>New requirement of independent oversight of the valuation function and of specific governance for stress conditions.<\/li><li>Tighter control of third-party valuation providers (documentation, independence and due diligence) and a process for stale valuations.<\/li><li>New recommendation on record keeping to demonstrate compliance and to facilitate audit and supervision.<\/li><\/ul><\/section>\n<section class=\"cgp-card\"><h3>How to cite it<\/h3><p class=\"cgp-cite\">International Organization of Securities Commissions (2026). Recommendations on Valuing Collective Investment Schemes (CIS), Final Report FR\/03\/2026. Madrid: IOSCO, 1 June 2026.<\/p><\/section>\n<section class=\"cgp-card\"><h3>Topics<\/h3><ul class=\"cgp-chips\"><li><a href=\"\/en\/publicaciones\/?tema=valores\">Securities markets<\/a><\/li><li><a href=\"\/en\/publicaciones\/?tema=normativa-y-gobierno-corporativo\">Regulation and corporate governance<\/a><\/li><li><a href=\"\/en\/publicaciones\/?tema=estabilidad-financiera\">Financial stability<\/a><\/li><\/ul><\/section>\n<\/aside>\n<\/div>\n<\/div><link rel=\"stylesheet\" href=\"https:\/\/fonts.googleapis.com\/css2?family=Zilla+Slab:wght@500;600&display=swap\">\n<footer id=\"cgr-foot\" aria-label=\"Footer of the Risk Management Club\">\n<style>\n#main{padding-bottom:0!important}\n.fusion-fullwidth:has(#cgr-foot),.fusion-layout-column:has(#cgr-foot){padding-bottom:0!important;margin-bottom:0!important}\n#cgr-foot{--navy:#0E3351;--blue:#186392;--web:#1A80B6;--red:#E22A3A;--ink:#1C2632;--slate:#5B6775;--line:#D9E1EA;--mist:#F2F5F8;\n  position:relative;margin:96px 0 0;padding:0;background:var(--mist);box-shadow:0 0 0 100vmax var(--mist);clip-path:inset(0 -100vmax);\n  color:var(--ink);font-family:\"Open Sans\",sans-serif;font-size:15px;line-height:1.6;width:100%;min-width:0;box-sizing:border-box}\n#cgr-foot *{box-sizing:border-box}\n#cgr-foot a{color:var(--ink);text-decoration:none}\n#cgr-foot a:hover{color:var(--web)}\n#cgr-foot a:focus-visible{outline:2px solid var(--web);outline-offset:3px;border-radius:4px}\n#cgr-foot h2,#cgr-foot h3{font-family:\"Zilla Slab\",Georgia,serif;color:var(--navy);margin:0;font-weight:600;letter-spacing:0}\n#cgr-foot p{margin:0}\n#cgr-foot ul{list-style:none;margin:0;padding:0}\n\n#cgr-foot .cgf-ask{display:flex;flex-wrap:wrap;align-items:center;justify-content:space-between;gap:16px 32px;padding:34px 0 30px;border-bottom:1px solid var(--line)}\n#cgr-foot .cgf-ask h2{font-size:clamp(21px,2vw,25px);line-height:1.25}\n#cgr-foot .cgf-ask p{margin-top:4px;color:var(--slate)}\n#cgr-foot .cgf-btn{display:inline-flex;align-items:center;gap:8px;height:46px;padding:0 22px;border-radius:999px;background:var(--navy);color:#fff!important;font-weight:600;font-size:15px;transition:background .15s}\n#cgr-foot .cgf-btn:hover{background:var(--web)}\n#cgr-foot .cgf-btn svg{width:18px;height:18px;fill:none;stroke:currentColor;stroke-width:1.8;stroke-linecap:round;stroke-linejoin:round}\n\n#cgr-foot .cgf-main{display:grid;grid-template-columns:minmax(0,1.35fr) repeat(3,minmax(0,1fr)) minmax(0,1.2fr);gap:36px 32px;padding:44px 0 40px}\n#cgr-foot .cgf-brand img{display:block;width:178px;height:auto}\n#cgr-foot .cgf-brand p{margin-top:16px;color:var(--slate);font-size:14.5px;max-width:34ch}\n#cgr-foot .cgf-soc{display:flex;gap:8px;margin-top:18px}\n#cgr-foot .cgf-soc a{display:flex;align-items:center;justify-content:center;width:38px;height:38px;border-radius:50%;border:1px solid var(--line);background:#fff;color:var(--navy);transition:background .15s,color .15s,border-color .15s}\n#cgr-foot .cgf-soc a:hover{background:var(--navy);border-color:var(--navy);color:#fff}\n#cgr-foot .cgf-soc svg{width:17px;height:17px;fill:currentColor}\n#cgr-foot h3{font-size:17px;margin-bottom:14px}\n#cgr-foot .cgf-col li + li{margin-top:7px}\n#cgr-foot .cgf-col a{font-size:14.5px;color:#3b4652}\n#cgr-foot .cgf-col a:hover{color:var(--web)}\n#cgr-foot .cgf-ct li{display:flex;gap:10px;font-size:14.5px;color:#3b4652}\n#cgr-foot .cgf-ct li + li{margin-top:10px}\n#cgr-foot .cgf-ct svg{flex:none;width:18px;height:18px;margin-top:3px;fill:none;stroke:var(--blue);stroke-width:1.75;stroke-linecap:round;stroke-linejoin:round}\n\n#cgr-foot .cgf-bar{display:flex;flex-wrap:wrap;align-items:center;justify-content:space-between;gap:14px 28px;padding:20px 0 26px;border-top:1px solid var(--line);font-size:13px;color:var(--slate)}\n#cgr-foot .cgf-pol{display:flex;flex-wrap:wrap;gap:4px 16px}\n#cgr-foot .cgf-pol a{color:var(--slate);font-size:13px}\n#cgr-foot .cgf-pol a:hover{color:var(--web)}\n#cgr-foot .cgf-legal{display:flex;align-items:center;gap:16px}\n#cgr-foot .cgf-pay{display:block;height:30px;width:auto}\n\n@media (max-width:1080px){#cgr-foot .cgf-main{grid-template-columns:repeat(4,minmax(0,1fr))}#cgr-foot .cgf-brand{grid-column:1\/-1;display:flex;flex-wrap:wrap;align-items:center;gap:16px 32px;padding-bottom:28px;border-bottom:1px solid var(--line)}#cgr-foot .cgf-brand p{margin:0;flex:1 1 260px}#cgr-foot .cgf-soc{margin:0}}\n@media (max-width:640px){#cgr-foot{margin-top:64px}#cgr-foot .cgf-main{grid-template-columns:1fr 1fr;gap:30px 20px;padding:34px 0}#cgr-foot .cgf-brand{display:block}#cgr-foot .cgf-brand p{margin-top:14px}#cgr-foot .cgf-soc{margin-top:16px}#cgr-foot .cgf-ct{grid-column:1\/-1}\n  #cgr-foot .cgf-ask .cgf-btn{width:100%;justify-content:center}#cgr-foot .cgf-bar{flex-direction:column;align-items:flex-start}}\n<\/style>\n\n<div class=\"cgf-ask\">\n  <div>\n    <h2>Looking for an event on a specific topic?<\/h2>\n    <p>Tell us which topics you would like to see at our upcoming events.<\/p>\n  <\/div>\n  <a class=\"cgf-btn\" href=\"mailto:info@gestionderiesgo.org\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><rect x=\"3\" y=\"5\" width=\"18\" height=\"14\" rx=\"2\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg>Write to us<\/a>\n<\/div>\n\n<div class=\"cgf-main\">\n  <div class=\"cgf-brand\">\n    <img decoding=\"async\" src=\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2025\/10\/LOGO-TRABAJO.png\" alt=\"Club de Gesti\u00f3n de Riesgos de la Rep\u00fablica Dominicana\" width=\"178\" height=\"108\" loading=\"lazy\">\n    <p>A non-profit association that promotes risk culture and best practices in the Dominican financial system.<\/p>\n    <div class=\"cgf-soc\">\n      <a href=\"https:\/\/www.linkedin.com\/company\/club-de-gesti%C3%B3n-de-riesgos-rd\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"LinkedIn\"><svg viewbox=\"0 0 24 24\"><path d=\"M5.2 8.6H8.5V19H5.2zM6.9 3.5a1.9 1.9 0 1 1 0 3.8 1.9 1.9 0 0 1 0-3.8ZM10.6 8.6h3.1V10c.5-.9 1.6-1.7 3.3-1.7 3.5 0 4.1 2.2 4.1 5.1V19h-3.3v-5c0-1.2 0-2.7-1.7-2.7s-1.9 1.3-1.9 2.6V19h-3.3z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.youtube.com\/channel\/UCgyWVnQOIYTYnBP25t3wikA\" target=\"_blank\" rel=\"noopener\" aria-label=\"YouTube\"><svg viewbox=\"0 0 24 24\"><path d=\"M21.6 7.2a2.7 2.7 0 0 0-1.9-1.9C18 4.8 12 4.8 12 4.8s-6 0-7.7.5a2.7 2.7 0 0 0-1.9 1.9C2 8.9 2 12 2 12s0 3.1.4 4.8a2.7 2.7 0 0 0 1.9 1.9c1.7.5 7.7.5 7.7.5s6 0 7.7-.5a2.7 2.7 0 0 0 1.9-1.9c.4-1.7.4-4.8.4-4.8s0-3.1-.4-4.8ZM10 15V9l5.2 3Z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.instagram.com\/gestionriesgodr\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"Instagram\"><svg viewbox=\"0 0 24 24\"><path d=\"M12 7.3a4.7 4.7 0 1 0 0 9.4 4.7 4.7 0 0 0 0-9.4Zm0 7.7a3 3 0 1 1 0-6 3 3 0 0 1 0 6Zm6-7.9a1.1 1.1 0 1 1-2.2 0 1.1 1.1 0 0 1 2.2 0ZM12 4.6c2.4 0 2.7 0 3.6.1 2.4.1 3.6 1.3 3.7 3.7.1.9.1 1.2.1 3.6s0 2.7-.1 3.6c-.1 2.4-1.3 3.6-3.7 3.7-.9.1-1.2.1-3.6.1s-2.7 0-3.6-.1c-2.4-.1-3.6-1.3-3.7-3.7-.1-.9-.1-1.2-.1-3.6s0-2.7.1-3.6c.1-2.4 1.3-3.6 3.7-3.7.9-.1 1.2-.1 3.6-.1ZM12 3c-2.4 0-2.8 0-3.7.1-3.3.2-5 1.9-5.2 5.2C3 9.2 3 9.6 3 12s0 2.8.1 3.7c.2 3.3 1.9 5 5.2 5.2.9.1 1.3.1 3.7.1s2.8 0 3.7-.1c3.3-.2 5-1.9 5.2-5.2.1-.9.1-1.3.1-3.7s0-2.8-.1-3.7c-.2-3.3-1.9-5-5.2-5.2C14.8 3 14.4 3 12 3Z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.facebook.com\/gestionriesgodr\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"Facebook\"><svg viewbox=\"0 0 24 24\"><path d=\"M13.5 21v-7.5H16l.4-3h-2.9V8.6c0-.9.3-1.5 1.5-1.5h1.5V4.4c-.3 0-1.2-.1-2.2-.1-2.2 0-3.7 1.3-3.7 3.8v2.4H8.1v3h2.5V21z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/twitter.com\/gestionriesgodr\" target=\"_blank\" rel=\"noopener\" aria-label=\"X (Twitter)\"><svg viewbox=\"0 0 24 24\"><path d=\"M17.5 3.5h3l-6.6 7.5 7.8 9.5h-6.1l-4.8-5.9-5.5 5.9h-3l7.1-8L2.7 3.5H9l4.3 5.4Zm-1 15.3h1.7L7.6 5.1H5.8Z\"\/><\/svg><\/a>\n    <\/div>\n  <\/div>\n  <nav class=\"cgf-col\" aria-label=\"The Club\">\n    <h3>The Club<\/h3>\n    <ul>\n      <li><a href=\"\/en\/quienes-somos\/\">Who we are<\/a><\/li>\n      <li><a href=\"\/en\/miembros-fundadores-y-directores\/\">Founders and directors<\/a><\/li>\n      <li><a href=\"\/en\/comisiones-de-trabajo\/\">Working committees<\/a><\/li>\n      <li><a href=\"\/en\/organigrama\/\">Organization Chart<\/a><\/li>\n      <li><a href=\"\/en\/estatutos\/\">Bylaws<\/a><\/li>\n      <li><a href=\"\/en\/reglamento-interno\/\">Internal regulations<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <nav class=\"cgf-col\" aria-label=\"Membership and training\">\n    <h3>Membership<\/h3>\n    <ul>\n      <li><a href=\"\/en\/quienes-pueden-ser-miembros\/\">Who can become a member?<\/a><\/li>\n      <li><a href=\"\/en\/socios-protectores\/\">Sponsor members<\/a><\/li>\n      <li><a href=\"\/en\/formulario-de-inscripcion\/\">Apply for membership<\/a><\/li>\n      <li><a href=\"\/en\/capacitaciones-nemesis\/\">International certification<\/a><\/li>\n      <li><a href=\"\/en\/otras-certificaciones\/\">Other certifications<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <nav class=\"cgf-col\" aria-label=\"Activities\">\n    <h3>Activities<\/h3>\n    <ul>\n      <li><a href=\"\/en\/proximos-eventos\/\">Upcoming events<\/a><\/li>\n      <li><a href=\"\/en\/webinars-celebrados\/\">Past webinars<\/a><\/li>\n      <li><a href=\"\/en\/blog\/\">CGR Blog<\/a><\/li>\n      <li><a href=\"\/en\/noticias\/\">News<\/a><\/li>\n      <li><a href=\"\/en\/publicaciones-y-o-comunicaciones\/\">Documents of interest<\/a><\/li>\n      <li><a href=\"\/en\/forum\/\">Forum<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <div class=\"cgf-col cgf-ct\">\n    <h3>Contact<\/h3>\n    <ul>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M12 21s-6.5-5.6-6.5-11a6.5 6.5 0 0 1 13 0c0 5.4-6.5 11-6.5 11Z\"\/><circle cx=\"12\" cy=\"10\" r=\"2.3\"\/><\/svg><span>La Isla Building, office 206. Av. Tiradentes at the corner of Presidente Gonz\u00e1lez, Ensanche Naco, Santo Domingo<\/span><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M5 4h4l2 5-2.5 1.5a11 11 0 0 0 5 5L15 13l5 2v4a2 2 0 0 1-2 2A16 16 0 0 1 3 6a2 2 0 0 1 2-2\"\/><\/svg><span><a href=\"tel:+18097453289\">809-745-3289<\/a><br><a href=\"tel:+18494774959\">849-477-4959<\/a><a class=\"cgf-wa\" href=\"https:\/\/wa.me\/18494774959\" target=\"_blank\" rel=\"noopener\" aria-label=\"Escribir por WhatsApp al 849-477-4959 (se abre en una pesta\u00f1a nueva)\" title=\"WhatsApp\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M17.472 14.382c-.297-.149-1.758-.867-2.03-.967-.273-.099-.471-.148-.67.15-.197.297-.767.966-.94 1.164-.173.199-.347.223-.644.075-.297-.15-1.255-.463-2.39-1.475-.883-.788-1.48-1.761-1.653-2.059-.173-.297-.018-.458.13-.606.134-.133.298-.347.446-.52.149-.174.198-.298.298-.497.099-.198.05-.371-.025-.52-.075-.149-.669-1.612-.916-2.207-.242-.579-.487-.5-.669-.51-.173-.008-.371-.01-.57-.01-.198 0-.52.074-.792.372-.272.297-1.04 1.016-1.04 2.479 0 1.462 1.065 2.875 1.213 3.074.149.198 2.096 3.2 5.077 4.487.709.306 1.262.489 1.694.625.712.227 1.36.195 1.871.118.571-.085 1.758-.719 2.006-1.413.248-.694.248-1.289.173-1.413-.074-.124-.272-.198-.57-.347m-5.421 7.403h-.004a9.87 9.87 0 01-5.031-1.378l-.361-.214-3.741.982.998-3.648-.235-.374a9.86 9.86 0 01-1.51-5.26c.001-5.45 4.436-9.884 9.888-9.884 2.64 0 5.122 1.03 6.988 2.898a9.825 9.825 0 012.893 6.994c-.003 5.45-4.437 9.884-9.885 9.884m8.413-18.297A11.815 11.815 0 0012.05 0C5.495 0 .16 5.335.157 11.892c0 2.096.547 4.142 1.588 5.945L.057 24l6.305-1.654a11.882 11.882 0 005.683 1.448h.005c6.554 0 11.89-5.335 11.893-11.893a11.821 11.821 0 00-3.48-8.413Z\"\/><\/svg><\/a><\/span><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><rect x=\"3\" y=\"5\" width=\"18\" height=\"14\" rx=\"2\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><a href=\"mailto:info@gestionderiesgo.org\">info@gestionderiesgo.org<\/a><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M12 7v5l3 2\"\/><\/svg><span>Monday to Thursday, 8:30 a.m. to 5:30 p.m.<br>Friday, 8:30 a.m. to 5:00 p.m.<\/span><\/li>\n    <\/ul>\n  <\/div>\n<\/div>\n\n<div class=\"cgf-bar\">\n  <div class=\"cgf-legal\"><img decoding=\"async\" class=\"cgf-pay\" src=\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2023\/01\/Verified.png\" alt=\"Verified by Visa y Mastercard ID Check\" width=\"101\" height=\"34\" loading=\"lazy\"><p>\u00a9 2026 Gesti\u00f3n de Riesgo RD, SRL. All rights reserved.<\/p><\/div>\n  <nav class=\"cgf-pol\" aria-label=\"Policies\">\n    <a href=\"\/en\/politicasdeprivacidad\/\">Privacy<\/a><a href=\"\/en\/terminos-y-condiciones-2\/\">Terms and Conditions<\/a><a href=\"\/en\/politicas-de-entrega\/\">Delivery<\/a><a href=\"\/en\/politicas-de-cancelacion\/\">Cancellation<\/a><a href=\"\/en\/politicas-de-devolucion\/\">Returns<\/a><a href=\"\/en\/politicas-de-reembolso\/\">Refunds<\/a><a href=\"\/en\/politicas-de-seguridad\/\">Security<\/a><a href=\"\/en\/preguntas-frecuentes\/\">Frequently asked questions<\/a>\n  <\/nav>\n<\/div>\n<\/footer>\n\n<style>#cgr-foot .cgf-ct li a.cgf-wa{display:inline-flex;vertical-align:middle;margin-left:8px}#cgr-foot .cgf-ct li a.cgf-wa svg{width:18px;height:18px;margin:0;fill:#25D366;stroke:none}<\/style><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>IOSCO final report with 13 recommendations for valuing open-ended investment funds: valuation governance, conflicts of interest, fair value, third-party providers, stale valuations and record keeping. It replaces the 2007 and 2013 principles.<\/p>","protected":false},"author":1,"featured_media":26843,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"cgp_org":"Organizaci\u00f3n Internacional de Comisiones de Valores","cgp_siglas":"IOSCO","cgp_tipo":"Est\u00e1ndar","cgp_fecha":"2026-06-01","cgp_url":"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD824.pdf","cgp_pdf":"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD824.pdf","cgp_idioma":"Ingl\u00e9s","cgp_pais":"Internacional","cgp_temas":"Valores,Normativa y gobierno corporativo,Estabilidad financiera","cgp_portada":"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-iosco-recommendations-valuing-collective-investment-schemes.jpg","cgp_verificado":"2026-10-18","cgp_origen":"nueva","cgp_fuente":"Organismo internacional","cgp_paginas":"70","cgp_autores":"","cgp_fecha_texto":"","cgp_portada_tipo":"gen","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[74],"tags":[],"class_list":["post-26844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publicaciones-del-sector"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-iosco-recommendations-valuing-collective-investment-schemes.jpg","_links":{"self":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/26844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/comments?post=26844"}],"version-history":[{"count":1,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/26844\/revisions"}],"predecessor-version":[{"id":26845,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/26844\/revisions\/26845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/media\/26843"}],"wp:attachment":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/media?parent=26844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/categories?post=26844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/tags?post=26844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}