On 17 November 2025, the International Organisation of Securities Commissions (IOSCO) issued a consultation report on valuing collective investment schemes (CIS).

Proposals

The consultation report sets out proposals to draw upon two sets of IOSCO’s Principles (the 2013 Principles for the Valuation of Collective Investment Schemes and the 2007 Principles for the Valuation of Hedge Fund Portfolios) and develop a combined set of Recommendations which will supersede both. The proposed revisions are intended to ensure that IOSCO’s CIS valuation standards remain relevant to current market practice. In particular, they intend to account for recent market developments. In recent years there has been an increase in CIS holding less liquid and illiquid assets, including private assets, as well as increased retail investment in such schemes, which heightens investor protection concerns. The recent experience of valuation difficulties during recent times of market volatility also frames these revisions.

The areas that the new proposed Recommendations cover are policies and governance, conflicts of interest, methodology, use of third-party valuation service providers, consistency in valuation, pricing errors, timely valuation, disclosure practices, and record keeping.

Next steps

The deadline for comments on the consultation report is 2 February 2026.

IOSCO intends to publish a final report in Q2/Q3 2026.