On February 16, 2012, the key policymaking entity of the International Organization of Securities Commissions (IOSCO), IOSCO’s technical committee, released a Consultation Report entitled “Principles for the Valuation of Collective Investment Schemes.”  The Report sets out 13 key principles on valuation of assets by collective investment schemes, including hedge funds.  Valuation is an important issue for hedge fund managers, investors and regulators.  See “Hedge Fund Valuation Pitfalls and Best Practices: An Interview with Arthur Tully, Co-Leader of Ernst & Young’s Global Hedge Fund Practice,” Hedge Fund Law Report, Vol. 5, No. 2 (Jan. 12, 2012).  This article details the 13 draft principles in the Report.  See also “IOSCO Report Discusses Appropriate Use and Disclosure of Hedge Fund Redemption Suspensions, Gates and Side Pockets,” Hedge Fund Law Report, Vol. 4, No. 10 (Mar. 18, 2011).