The FSA has withdrawn the proposal put forward in CP 06/04 to require property investment companies to seek shareholder approval for significant transactions even when buying or selling properties that fall within their investment policies. Closed-ended Investment Funds with more than 20 per cent of their assets invested in real property will be required to include property valuations in their annual reports. This publication is written as a general guide only. It is not intended to contain definitive legal advice which should be sought as appropriate in relation to a particular matter.