Firms Unprepared for NAV Changes, Audit Expert Says
Starting October 14, US institutional money market fund valuations must float
Financial services firms' preparedness to manage valuations after net asset value (NAV) regulation changes taking effect on October 14 may be lacking, according to Sam Mulliner, an audit partner at Deloitte, who discussed the topic on a recent webcast sponsored by Thomson Reuters.
The regulation by the US Securities and Exchange Commission requires firms to calculate a floating NAV for institutional prime and municipal money market funds instead of a fixed $1 share price. The fixed $1 price will
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