If they are not charging, a unit of fast cavalry may reform at any point in its Movement phase with no penalties to its Move distance. Even with this free reform no model may move further than its maximum Movement distance.
Fast cavalry units may fire in any direction and can also shoot while marching. Line of sight rules still apply for stand & shoot reactions. etc.
If a unit of fast cavalry rallies the turn after it voluntarily flees, it will be able to move normally during the Movement phase of that same turn.
A mounted character may join a fast cavalry unit but does not benefit from the special shooting rules.
Source: Warhammer Fantasy: 6th Edition
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