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FSA waters down trust proposals

The FSA has watered down its proposed rules for investment trusts
after consulting with the industry.
Subject to annual re-election, fund managers will be able to sit on
trust boards, trusts will be able to invest in funds of funds in much the
same way as before while proposed rules forcing trusts to disclose
their portfolios have been amended.
The initial plans, announced in January, were aimed at pre-empting
another &#39magic circle&#39 but were seen as overly tough.

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