Fair value - UCITS IV Provision

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The vexed question — germane to those considering the meaning of financial derivative instrument under UCITS IV of whatg constitutes fair value was first addressed by CESR (as it then was) in 2005:

The fair value of an OTC derivative corresponds to the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Ireland

More information, if you can bear it, at Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015. If you are like me, the very title of this instrument will help you to conclude you will not be able to bear it.