RÓŻNICE W WYCENACH OBLIGACJI W PORTFELACH POLSKICH FUNDUSZY INWESTYCYJNYCH
DIFFERENCES IN BOND VALUATIONS IN PORTFOLIOS OF POLISH INVESTMENT FUNDS

Summary/Abstract: Background: The entry into force on January 1, 2021 of the Regulation of the Minister of Finance,Funds and Regional Policy of December 28, 2020, amending the regulation on special accountingprinciples for investment funds introduced numerous changes in the rules for the valuation ofinvestment fund assets, in particular instruments not listed on the so-called active market, the roleof valuation using a model or the definition of an active market itself.Research purpose: To present and discuss the effects of the new legal regulations in relationto Polish bonds, particularly in the context of low liquidity in the public market for theseinstruments; to answer the question of whether, and if so, to what extent, differences are observedin the valuations of bonds carried out by investment funds operating on the Polish marketunder the aforementioned legal and market conditions. Furthermore, the research investigateswhether the regulatory changes have contributed to an increase or decrease in these differences.Methods: The study employed two methods: a critical-comparative analysis of legal acts andliterature, and a statistical-empirical analysis.Conclusions: Legal regulations leave funds with considerable discretion in defining the criteriafor an active market and constructing the valuation models used in the absence of a price froman active market. This is reflected in the differences in the valuations of the same bonds bydifferent TFIs, which pose challenges for institutions acting as depositaries, obliged to verify thecorrectness of asset valuations by funds.

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