| As you would expect, the investment industry has many regulations that are designed to protect investors. Some of these regulations govern where and how a fund manager can invest and the documentation you can expect to receive. All of the sub-funds that form part of BNY Mellon Investment Funds (BNY MIF) and the underlying Newton sub-funds adhere to the rules issued by the Financial Services Authority (FSA), which regulates our industry.
The FSA issued in April 2004 a new set of rules, the New Collective Investment Schemes Sourcebook, known commonly as COLL which we are required to adopt by February 2007.
Moreover, we are required to operate within the investment regulations prescribed under the UCITS (Undertakings for Collective Investment in Transferable Securities) Directive. These regulations are updated from time to time to keep pace with changes in the financial market place. An update to the UCITS Directive, known as the UCITS III Directive has been introduced and BNY MIF must come into line with the new rules before the end of 2005. One of the key differences that you will see is the change from a Key Features Document to a more comprehensive document - the Simplified Prospectus. For more information on UCITS III and the Simplified Prospectus, please see the Q&A Documents under the Download Documents Section.
We are also taking this opportunity to make some administrative changes to our range of sub-funds - please see the Shareholder Circular in the Download Document Section for full details of these changes. |
