Who It Is For
Who it is for
Three groups handle the same NAV or valuation: the parties that produce the evidence, the parties that rely on the result and the reviewers who check it later. A verification receipt records which policy was applied and what it returned. The registry entry carries none of the evidence, so it can be passed on, and a lender or an auditor who is given the bundle can check the two against each other offline, without calling the issuer.
- Relying parties: Banks, insurers, lenders and trading venues that receive a NAV or a valuation they did not prepare.
- Evidence producers: Fund administrators, valuers and servicers who prepare the documents behind a NAV or a valuation.
- Engineers and integrators: Teams that run the verifiers where receipts are received and, once a producer exists, where they are issued.
Audiences
Producers, relying parties and reviewers
Issuers and evidence producers
Who prepares the evidence
Evidence producers are the fund administrators, valuers and servicers who prepare the documents behind a NAV or a valuation. A receipt would record the check once, so the next lender or auditor could see what was checked before asking for documents.
Fund administrators
The administrator prepares the evidence and may also act as the issuer that signs the registry entry. The source documents stay with them.
Valuation teams
A team revaluing a property could link each new receipt to the previous one, so the earlier result stays on record for the next reviewer.
Asset managers
A manager reporting across a portfolio could attach a receipt to each asset-level NAV or valuation, so a question about one asset leaves the rest alone.
Asset platforms
A registry entry could sit beside each listed asset and show which policy its valuations were checked under, and with what verdict.
Relying parties
A NAV or a valuation arrives without a record of its checks
A relying party, such as a lender, an insurer or a venue, receives a NAV or a valuation with nothing to say what was checked, so it accepts the number or gathers the evidence again. A receipt records the policy applied and the outcome, and fixes the files the check ran over, so a document changed afterwards fails against it. None of these parties uses receipts today.
Mortgage lenders
A collateral valuation that arrives with a receipt naming its documents and the policy it was checked under, so the review can start from the receipt.
Servicers
Each later review of the same property can have its own receipt, so a servicer could see what changed since the previous one.
Transfer agents and trading venues
A transfer agent or a second venue can verify an asset's bundle for itself, without relying on the first venue's word.
Fund investors
An investor could read the verdict and the reason codes behind a reported NAV, as well as the number itself.
Banks lending against a fund or a property
A bank that finances against a NAV or a valuation could see which checks ran, under which policy, and what changed since the previous receipt.
Insurers' investment teams
An insurer invested in a fund could see the record behind each reported NAV, as well as the number, and read the policy applied.
Reviewers
A later review has to reconstruct what was checked.
A review months later has to reconstruct what was looked at and under which policy. Reason codes name what failed, so a challenge can name one reason. Accepting the result stays the reviewer's decision.
Auditors
An auditor could read the reason codes before deciding which documents to request, and request only those.
Compliance teams
A compliance team could see whether the same policy was applied to every asset it reviews, and at which version.
Handoffs
A handoff you want to discuss
Write to the maintainer about the asset it concerns and the institutions on either side of the handoff.