美国卡特莱特案关于基金份额的公允市场价值评估

The Fair Market Value Evaluation of Fund Shares in the U.S. Cartwright Case

美国联邦最高法院判决的卡特莱特案是关于共同基金公允价值估价的标志性案例。在本案中,联邦最高法院确立了综合判断“自愿买家和自愿卖家”的“未受强迫性”、充分考虑被评估股份权利受限性、估价应当符合横向公平与价值中立、适用实现价值或零售价格的规则等裁判规则,为共同基金份额的估价作出了指引。卡特莱特案对于我国开放式基金估价相关准则的完善,对于我国公允市场价值类型的运用具有重要借鉴意义。

The Cartwright case judged by the U.S. Supreme Court is a landmark case concerning the fair value valuation of mutual funds. In this case, the Federal Supreme Court established a series of judge rules: Comprehensively analyzing the compulsion of willing buyers and willing sellers, fully considering the restricted rights of the assessed shares, complying with horizontal fairness and value neutrality when valuing, and applying realizing value or retail price. The Cartwright case provides guidelines for the valuation of mutual fund shares. The Cartwright case has important reference significance for the improvement of Chinese open-end fund valuation standards and the use of Chinese fair market value types.