FSA rolls out new rules for collective investment schemes

From April 1st, 2004, all new and existing authorised funds will be able to convert to UCITS authorised funds, according to details of the FSA’s reworking of the Collective Investment Schemes Sourcebook, but will be required to do so by February 13th, 2007 when UCITS (III) Management Directive is implemented. Most of the changes concern technicalities only fund managers will need to deal with, following consultation – in CP185 - with the investment industry last summer. That said, the FSA says it will get rid of the non-UCITS authorised funds category to provide more flexible rules on...