(1.2) For the purposes of subsection (1), fair value means
(a) the market value based on reported prices and quotations in an active market, or
(a) establish and maintain appropriate written policies and procedures for determining the fair value of the investment fund’s assets and liabilities; and
(b) consistently follow those policies and procedures.
(2) For the purposes of calculating net asset value for purchases and redemptions of its securities as required by Parts 9 and 10 of National Instrument 81-102 Investment Funds, a labour sponsored or venture capital fund that has included a deferred charge for sales commissions in the calculation may continue to do so, provided that
(a) the calculation reflects the amortization of this deferred charge over the remaining amortization period, and
(b) the labour sponsored or venture capital fund ceased adding to this deferred charge by December 31, 2003.
(a) if the investment fund does not use specified derivatives or sell securities short, once a week;
(5) Despite paragraph 3(a), an investment fund that, at the date that this Instrument comes into force, calculates net asset value no less frequently than once a month may continue to calculate net asset value at least as frequently as it does at that date.
(7) An investment fund that arranges for the publication of its net asset value or net asset value per security in the financial press must ensure that its current net asset value or net asset value per security is provided on a timely basis to the financial press.