The European Securities and Markets Authority (ESMA) has launched a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) on the valuation of UCITS and open-ended Alternative Investment Funds (AIFs) throughout the European Union.

 The common supervisory action will take place in 2022. The aim is to establish whether the organizational rules and legal framework on the principles and methodologies for valuing financial assets held by UCITS and AIFs are complied with, with a view to carrying out a fair and equitable valuation as in normal and under stressful market conditions, in particular with regard to the valuation of investments in illiquid assets.

 The full ESMA communication can be found at: https://www.esma.europa.eu/press-news/esma-news/esma-launches-common-supervisory-action-ncas-valuation-ucits-and-open-ended