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The vexed question — germane to those considering the meaning of {{ucits4prov|financial derivative instrument}} under {{t|UCITS IV}} of | The vexed question — germane to those considering the meaning of {{ucits4prov|financial derivative instrument}} under {{t|UCITS IV}} of what constitutes “{{ucits4aprov|fair value}}” was first addressed as long ago as 2005 by [[CESR]] (as it then was): | ||
:''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.'' <br> | :''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.'' <br> | ||
It has been a long old road with many twists and turns, but as far as this [[bear of little brain]] can make out, that’s more or less where we’ve ended up in the year of our Lord 2017. | |||
===Ireland=== | ===Ireland=== |