The Investment Association has published industry guidance on the paperless renunciation or transfers of units in authorised collective investment schemes. The guidance provides a non-exhaustive statement of the measures that operators of UK authorised CISs may adopt to comply with the requirements that title to units in UK authorised unit trusts, authorised contractual schemes and open-ended investment companies (OEICs) may be transferred on the strength of an authority given by electronic means. These provisions are subject to the unit trust manager or authorised corporate director (ACD) taking reasonable steps to ensure that the communication is given by the unitholder (or an agent they have appointed in writing). The guidance is designed to help authorised fund managers determine the steps they should take to satisfy the reasonable steps requirement. The guidance has received confirmed industry guidance status from the FCA, which status took effect on 4 January 2016 and lasts for a period of five years.