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Of the Fitch-sampled CNAV MMFs boards, all had at least one independent director; however, only a few had boards on which more than half of the directors were independent.
Puis la situation a commence a se compliquer lors du retrait du mandat de gestion de CNAV II en 2017.
Under the new rules, prime and municipal money market funds available only to retail investors will be permitted to continue to transact at a constant, or stable, net asset value (CNAV) of USD1.00 per share.
The new system will increase the modularity of the core CNAV information system (career management, pension calculation, pension payments) in order to assure more efficient implementation of the frequent regulatory changes to the pension plan, while continuing to provide a well-structured service offer.
"Although it was a VNAV fund, our systems were set up in a way that enabled us to account tor it as though it were a CNAV fund," he explains.
The rapporteur, Said El Khadraoui (S&D, Belgium), said he was "ready" to postpone the vote, but warned that "at the end of the day we will have to take a position on CNAVs".
Repeatedly the question has been asked: Should CNAV funds continue to exist?
Given low euro interest rates, euro-denominated constant net asset value (CNAV) MMFs routinely apply share cancellation to maintain a stable net asset value per share, an important feature for many investors.
A segment of the investment funds market, known as constant net asset value (CNAV) funds and worth over 450 billion to the European economy, may be on the brink of being eliminated.
Most participants in a poll of corporate treasurers attending a Fitch workshop in October 2017 said their preferred option for CNAV funds was to convert to LVNAV funds, rather than variable net asset value (VNAV) MMFs or other options.
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