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FSA cuts paper rule for funds

Managers of authorised schemes operating under the FSA’s collective investment scheme sourcebook will no longer have to publish unit prices in a national newspaper from April.

Firms are now required to publish unit prices in “an appropriate manner”, which could include a website.

The move brings investment schemes operating under the CIS in line with schemes operating under the new version collective investment scheme sourcebook known as Coll. This change was due to be brought in by February 2007 but has been accelerated.

The FSA believes many firms will continue to do publish prices in newspapers, especially retail funds. But it is expected that some firms will end newspaper publication for funds marketed principally to institutional investors which can readily obtain the information by other means.

Waters says: “This is a practical deregulatory measure which could save the fund management industry millions of pounds a year.”

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