{"id":1842,"date":"2026-09-17T14:45:01","date_gmt":"2026-09-17T06:45:01","guid":{"rendered":"https:\/\/www.moore.hk\/?p=1842"},"modified":"2026-09-17T16:46:34","modified_gmt":"2026-09-17T08:46:34","slug":"valuation-under-the-sfc-fund-manager-code-of-conduct-fmcc","status":"publish","type":"post","link":"https:\/\/www.moore.hk\/zh_hk\/news\/valuation-under-the-sfc-fund-manager-code-of-conduct-fmcc\/","title":{"rendered":"Valuation under the SFC Fund Manager Code of Conduct (FMCC): what the Code requires, what it leaves open, and how to close the gap"},"content":{"rendered":"\n<p>The Securities and Futures Commission\u2019s Fund Manager Code of Conduct (FMCC, the Code) reached its fifth edition in October 2024.<a href=\"#_ftn1\" id=\"_ftnref1\">[1]<\/a> Most of the attention it attracts goes to custody, liquidity, leverage and securities lending. Its valuation provisions, mainly in section 5.3, are rarely discussed. Yet they decide how a fund\u2019s net asset value is built, and they matter more each year as Hong Kong funds hold more assets with no screen price: private credit, pre-IPO stakes, venture positions, property holding companies and, increasingly, tokenised real-world assets.<\/p>\n\n\n\n<p>This newsletter sets out what the Code requires on valuation, where it stops, and how, in our view, a fund manager should fill the space it leaves. Where the Code is silent, we read it alongside the International Valuation Standards (IVS 2025), the standard most Hong Kong business valuers already follow.<\/p>\n\n\n<h4 class=\"body--xlarge\"><span style=\"color: #485daa\">AT A GLANCE<\/span><\/h4>\n\n\n<ul class=\"wp-block-list\">\n<li>Section 5.3 of the Code sets seven valuation duties for fund managers responsible for a fund\u2019s operation or delegated its valuation.<\/li>\n\n\n\n<li>The Code names no valuation standard, does not define \u201csuitably qualified persons\u201d, and leaves \u201cwhere necessary\u201d (for independent confirmation) open.<\/li>\n\n\n\n<li>Our view: explicitly adopt IVS 2025 in the valuation policy, document appraiser qualifications by asset class, clearly stipulate the triggers for independent confirmation within the policy, and ensure the annual review tests values (sample), not just procedures.<\/li>\n\n\n\n<li>Moore Transaction Services provides independent valuations, independent confirmations and annual valuation process reviews under paragraphs 5.3.6 and 5.3.7.<\/li>\n<\/ul>\n\n\n<h4 class=\"body--xlarge\"><span style=\"color: #485daa\">1. WHAT THE CODE REQUIRES, IN ONE PAGE<\/span><\/h4>\n\n\n<p>Section 5.3 applies to a fund manager that is responsible for the overall operation of a fund, or that has been delegated responsibility for valuation. A sub-adviser running a sleeve is outside it unless valuation has been delegated. Two duties bind every fund manager regardless: valuation may only be performed by qualified and experienced person (paragraph 1.2(b)), and it is a back-office function, segregated from the front office with separate reporting lines (1.4(a)). Discretionary account managers are not exempt: Appendix 1 disapplies a few fund-specific items but otherwise expects them to observe section 5.3 and to send clients a valuation report at least monthly.<\/p>\n\n\n\n<p>Within section 5.3 the duties fall into seven lines, set out in Figure 1. Three further provisions sit alongside: side pockets, pricing errors and daily marking of lending collateral.<\/p>\n\n\n\n<p><em>Figure 1. The seven valuation duties in section 5.3 of the Code (paragraphs 5.3.1 to 5.3.7), with side pockets, pricing errors and collateral marking alongside.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"950\" height=\"1024\" src=\"https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-950x1024.png\" alt=\"\" class=\"wp-image-1844\" srcset=\"https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-950x1024.png 950w, https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-278x300.png 278w, https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-768x828.png 768w, https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-11x12.png 11w, https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image.png 1055w\" sizes=\"(max-width: 950px) 100vw, 950px\" \/><\/figure>\n\n\n\n<p><em>Figure 2. The three fair value sources for unlisted holdings under paragraph 5.3.6(b) of the Code: comparable recent third-party transactions, appraisals by suitably qualified persons with independent confirmation where necessary, and independent information. Three terms are undefined: suitably qualified, where necessary, best industry standards.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"916\" src=\"https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-1-1024x916.png\" alt=\"\" class=\"wp-image-1845\" srcset=\"https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-1-1024x916.png 1024w, https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-1-300x268.png 300w, https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-1-768x687.png 768w, https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-1-13x12.png 13w, https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-1.png 1043w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Figure 2 opens up the sixth duty, the one that matters most for private assets. None of this is controversial. The interest lies in what the seven lines leave unsaid.<\/p>\n\n\n<h4 class=\"body--xlarge\"><span style=\"color: #485daa\">2. FOUR QUESTIONS THE CODE LEAVES TO YOU<\/span><\/h4>\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"540\" height=\"279\" src=\"https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-2.png\" alt=\"\" class=\"wp-image-1846\" srcset=\"https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-2.png 540w, https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-2-300x155.png 300w, https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/image-2-18x9.png 18w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/><\/figure>\n\n\n\n<p>The Code is principles-based. Where it is silent it does not grant permission. It hands the judgement to the fund manager, who will later have to show that the judgement was sound. Four such judgements recur in every private-asset fund we see.<\/p>\n\n\n\n<p><strong>Which standard is the valuation actually following<\/strong>?<\/p>\n\n\n\n<p>The Code names none. It points to generally accepted accounting principles and to \u201cbest industry standards and practices\u201d, and leaves the fund manager to decide what those are. In 2026, the answer is not in doubt. The 2025 edition of IVS took effect on 31 January 2025, and its new chapter on \u201cData and Inputs\u201d sets the bar in three words: significant inputs must be \u201cexplained, justified, and documented\u201d, failing which the valuation does not comply with IVS.<a href=\"#_ftn1\" id=\"_ftnref1\">[1]<\/a> For private equity and venture positions, the International Private Equity and Venture Capital Valuation Guidelines (\u201cIPEV Guidelines\u201d) sit alongside. A fund\u2019s valuation policy should name its standard and its edition, so that everyone who relies on the net asset value (\u201cNAV\u201d) knows which rulebook produced it.<\/p>\n\n\n\n<p><strong>Who is a \u201csuitably qualified\u201d appraiser?<\/strong><\/p>\n\n\n\n<p>The Code describes the people to issue a valuation report as \u201csuitably qualified persons\u201d, such as qualified appraisers. Hong Kong has no statutory licence for business valuers, so the phrase points to a qualification that no local law defines. In practice, the fund manager\u2019s file has to supply the definition, asset class by asset class: a recognised valuation designation, membership of a body that runs a valuer registration scheme, a track record in that sector, and independence from the deal team and from anyone with an interest in the price. The same test applies to internal valuers. The Code says the fund manager keeps the responsibility in valuing fund assets. It follows that the fund manager keeps the burden of proof.<\/p>\n\n\n\n<p><strong>When is independent confirmation \u201cnecessary\u201d?<\/strong><\/p>\n\n\n\n<p>Paragraph 5.3.6(b) states that \u201cwhere necessary, the Fund Manager should seek independent confirmation of the valuation from another suitably qualified person&#8217;, yet it does not specify what constitutes &#8216;where necessary.&#8217;. Left undefined, the phrase is decided under pressure, usually at quarter-end. It is better fixed in the policy in advance. In our view, confirmation becomes necessary when a holding is material to NAV, when the primary valuation came from the investment team or an affiliate, when a value has moved materially without an observable transaction, when a performance fee crystallises on it, and at the point of side-pocketing. Written down, a vague phrase becomes a control.<\/p>\n\n\n\n<p><strong>What is the annual review actually testing?<\/strong><\/p>\n\n\n\n<p>Paragraph 5.3.7 asks the reviewer to test procedures. It does not ask whether any individual value is reasonable. IVS 2025 draws exactly this line, between a valuation process review and a value review.<a href=\"#_ftn2\" id=\"_ftnref2\">[2]<\/a> A review that confirms the procedure exists has met the letter of the Code. A review that re-performs a sample of valuations and benchmarks their inputs has met its purpose.<\/p>\n\n\n\n<p>The Code says nothing about the discounts for lack of marketability, control premiums and minority discounts that drive most private valuations, yet they are the largest judgement calls in the file. IVS 2025 does address them: it names the typical methods for each, and ties a control premium to whether control \u201cenhances the economic benefits available to the owner of the subject asset\u201d.<a href=\"#_ftn3\" id=\"_ftnref3\">[3]<\/a> A reviewer should therefore ask three things of every adjustment: which method or study it rests on, why that source fits this holding, and whether the number sits within the range the source supports. A reviewer who has not asked has not tested. And the first document any reviewer will open, whether the SFC, the auditor or the board, is the override log that paragraph 5.3.2 already requires.<\/p>\n\n\n<h4 class=\"body--xlarge\"><span class=\"title-uppercase semibold\" style=\"color: #485daa\">3. A PRACTICAL CHECKLIST<\/span><\/h4>\n<ul>\n<li>\n<p>Name the standard and edition the valuation policy follows: IVS 2025, and IPEV Guidelines where relevant.<\/p>\n<\/li>\n<li>Set out the fair value hierarchy for each asset class the fund may hold.<\/li>\n<li>Define qualification and independence criteria for internal and external appraisers.<\/li>\n<li>Fix the triggers for independent confirmation in the policy.<\/li>\n<li>Keep a price override log: reason, reviewer, method, for every deviation.<\/li>\n<li>Record every discount and premium applied, the study or data relied on, and why it fits the holding.<\/li>\n<li>Ask the annual reviewer to test sample of values, not only the procedures.<\/li>\n<li>Disclose valuation frequency and basis to investors, and for side pockets, the valuation on entry and ongoing.<\/li>\n<\/ul>\n<h4 class=\"body--xlarge\"><span style=\"color: #485daa\">4. FREQUENTLY ASKED QUESTIONS<\/span><\/h4>\n<p><strong>Does the FMCC require a fund manager to appoint an external valuer?<\/strong> No.\u00a0It requires a proper and independent valuation. An external valuer is one way to achieve it, and paragraph 5.3.4 makes clear the fund manager keeps responsibility for the valuation of a fund\u2019s assets either way.<\/p>\n<p><strong>Which standard should a Hong Kong fund\u2019s valuation policy cite?<\/strong> The Code names none. In our view IVS 2025 is the reference most defensible today, with the IPEV Guidelines for private equity and venture holdings.<\/p>\n<p><strong>How often must a fund\u2019s valuation policy be independently reviewed?<\/strong> At least annually, by a competent and functionally independent party, and the review should include testing of the valuation procedures (paragraph 5.3.7).<\/p>\n<p><strong>Do the FMCC valuation duties apply to discretionary account managers? <\/strong>Largely yes. Appendix 1 disapplies the dealing-frequency test, side pockets and per-class NAV calculation, but expects section 5.3 to be observed where applicable and requires at least monthly valuation reports to clients.<\/p>\n<p><strong>When should a fund manager obtain independent confirmation of an appraisal?<\/strong> The Code says \u201cwhere necessary\u201d without defining it. We suggest fixing the triggers in the policy: material holdings, valuations prepared by the deal team or an affiliate, large unexplained moves, performance-fee crystallisation and side-pocketing.<\/p>\n<h4 class=\"body--xlarge\"><span style=\"color: #485daa\">5. HOW WE CAN HELP \u00a0<\/span><\/h4>\n<p>Moore Transaction Services provides independent valuations of unlisted equity, debt, intangible and property-backed holdings for funds and discretionary accounts, independent confirmation of appraisals prepared by fund managers or third parties, and annual valuation process reviews that include re-performance of sampled values. We also review valuation policies against the Code and IVS 2025, and benchmark the discounts and premiums adopted in a fund\u2019s valuations against published studies and observable market evidence. More on our valuation services: <a href=\"http:\/\/www.moore.hk\/services\/advisory\/transaction-valuation\/\">www.moore.hk\/services\/advisory\/transaction-valuation\/<\/a><\/p>\n<p>Moore Hong Kong has been actively providing transaction and valuation advisory services to its clients. Our team of valuation specialists and transaction advisory experts hold professional qualifications including CFA, FRM, CPA, MRICS, CAIA and CESGA.<\/p>\n<p><a href=\"https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/Eng_FMCC-Newsletter_Clean.pdf\" target=\"_blank\" rel=\"noopener\">Download<\/a> and read our newsletter for insights into managing valuation challenges in today\u2019s evolving investment landscape.<\/p>\n<p>Should you wish to know more about valuation under the FMCC, please WhatsApp +852 6938 9310 or contact our Transaction Services Managing Director, <a href=\"https:\/\/www.moore.hk\/about\/people\/kenneth-ma\/\">Kenneth Ma<\/a>, or Transaction Services Principal, Calvin Wong.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n<h4 class=\"body--small\"><span class=\"intro\">[1] Securities and Futures Commission, Fund Manager Code of Conduct (FMCC), Fifth Edition, October 2024, available on the SFC website (sfc.hk). Paragraph references are to that edition.<\/span><br \/><span class=\"intro\">[2] International Valuation Standards Council (ivsc.org), International Valuation Standards (IVS), effective 31 January 2025, IVS 104 Data and Inputs, paragraphs 40.04 and 50.01.<\/span><br \/><span class=\"intro\">[3] IVS 2025, IVS 106 Documentation and Reporting, section 40, Valuation Review Reports.<\/span><br \/><span class=\"intro\">[4] IVS 2025, IVS 103 Valuation Approaches, Appendix A10.17(b), Control Premiums and Discounts for Lack of Control.<\/span><\/h4>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Futures Commission\u2019s Fund Manager Code of Conduct (FMCC, the Code) reached its fifth edition in October 2024.[1] Most of the attention it attracts goes to custody, liquidity, leverage and securities lending. Its valuation provisions, mainly in section 5.3, are rarely discussed. Yet they decide how a fund\u2019s net asset value is built, [&hellip;]<\/p>\n","protected":false},"author":38,"featured_media":1843,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"location":[],"class_list":["post-1842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transaction-valuation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Valuation under the SFC Fund Manager Code of Conduct (FMCC): what the Code requires, what it leaves open, and how to close the gap - Moore Hong Kong<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.moore.hk\/zh_hk\/news\/valuation-under-the-sfc-fund-manager-code-of-conduct-fmcc\/\" \/>\n<meta property=\"og:locale\" content=\"zh_HK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Valuation under the SFC Fund Manager Code of Conduct (FMCC): what the Code requires, what it leaves open, and how to close the gap - Moore Hong Kong\" \/>\n<meta property=\"og:description\" content=\"The Securities and Futures Commission\u2019s Fund Manager Code of Conduct (FMCC, the Code) reached its fifth edition in October 2024.[1] Most of the attention it attracts goes to custody, liquidity, leverage and securities lending. 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Yet they decide how a fund\u2019s net asset value is built, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.moore.hk\/zh_hk\/news\/valuation-under-the-sfc-fund-manager-code-of-conduct-fmcc\/\" \/>\n<meta property=\"og:site_name\" content=\"Moore Hong Kong\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-17T06:45:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-17T08:46:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.moore.hk\/wp-content\/uploads\/sites\/7\/2026\/09\/\u672a\u547d\u540d\u8a2d\u8a08-2026-09-14T164420.860-e1789625619271.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1546\" \/>\n\t<meta property=\"og:image:height\" content=\"1027\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"catwong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"catwong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 \u5206\u9418\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.moore.hk\\\/news\\\/valuation-under-the-sfc-fund-manager-code-of-conduct-fmcc\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.moore.hk\\\/news\\\/valuation-under-the-sfc-fund-manager-code-of-conduct-fmcc\\\/\"},\"author\":{\"name\":\"catwong\",\"@id\":\"https:\\\/\\\/www.moore.hk\\\/#\\\/schema\\\/person\\\/6ef2185ba73dac88fb1c08b0ae18ef3d\"},\"headline\":\"Valuation under the SFC Fund Manager Code of Conduct (FMCC): what the Code requires, what it leaves open, and how to close the gap\",\"datePublished\":\"2026-09-17T06:45:01+00:00\",\"dateModified\":\"2026-09-17T08:46:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.moore.hk\\\/news\\\/valuation-under-the-sfc-fund-manager-code-of-conduct-fmcc\\\/\"},\"wordCount\":1643,\"image\":{\"@id\":\"https:\\\/\\\/www.moore.hk\\\/news\\\/valuation-under-the-sfc-fund-manager-code-of-conduct-fmcc\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.moore.hk\\\/wp-content\\\/uploads\\\/sites\\\/7\\\/2026\\\/09\\\/\u672a\u547d\u540d\u8a2d\u8a08-2026-09-14T164420.860-e1789625619271.png\",\"articleSection\":[\"Transaction &amp; 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