... and changing market environment - on the development of uniform professional standards. In this area, the uniform proposals on matters fundamentally determining the operation of the operation of investment funds were approved. The members utilize the proposals and the supervisory organizations incorporate these in their every day practices. The proposals effect the following areas: * utilizing derivative products at the time the Act on Investment Funds was being developed, these markets were not operating in Hungary thus, when they appeared the secure adaptation thereof became necessary (the funds may use these products for hedging purposes). * standardizing the calculation of the net asset value This is an extremely important issue in Hungary, being that in the case of certain securities the inadequately liquid markets' price indexes may divert the investment fund's net asset value from the true value. Being that the management regulations are built on jointly established principles, it has become possible ...

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