{"data":{"id":"us/12-cfr-703.11","jurisdiction":"us","citation":"12 CFR 703.11","heading":"Valuing securities.","body":"(a) Before purchasing or selling a security, a Federal credit union must obtain either price quotations on the security from at least two broker-dealers or a price quotation on the security from an industry-recognized information provider. This requirement to obtain price quotations does not apply to new issues purchased at par or at original issue discount.\n(b) At least monthly, a Federal credit union must determine the fair value of each security it holds. It may determine fair value by obtaining a price quotation on the security from an industry-recognized information provider, a broker-dealer, or a safekeeper.\n(c) At least annually, the Federal credit union's supervisory committee or its external auditor must independently assess the reliability of monthly price quotations received from a broker-dealer or safekeeper. The Federal credit union's supervisory committee or external auditor must follow generally accepted auditing standards, which require either re-computation or reference to market quotations.\n(d) If a Federal credit union is unable to obtain a price quotation required by this section for a particular security, then it may obtain a quotation for a security with substantially similar characteristics.","path":["Title 12—Banks and Banking","CHAPTER VII—NATIONAL CREDIT UNION ADMINISTRATION","SUBCHAPTER A—REGULATIONS AFFECTING CREDIT UNIONS","PART 703—INVESTMENT AND DEPOSIT ACTIVITIES","Subpart A—General Investment and Deposit Activities"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"444bea1cf26f2c5fd1e0f67f1e42f4cab8c66638b8056ccce4e19e767c3e50aa","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-703.10","next":"us/12-cfr-703.12"},"notice":"GroundRules: Original legal text. Not legal advice."}