Unitholder nodabolished underFSA proposals

Fund managers will no longer have to seek unitholder permission before making changes to a fund's mandate under the FSA's CP 183 proposals. The regulator is seeking consultation on whether fund managers should have to call unitholder meetings to enable investors to vote on such things as changes to a fund's investment objective or risk profile or whether pre-notification with 60 days minimum notice is sufficient. The FSA is keen to relax the rules regarding unitholder notification after its research revealed unitholder meetings are poorly intended and the fund managers' proposals are...