I have a very basic question about conformal field theory: Does the partition function need a UV regulator, or is it finite even without? That is, does $\int D\phi \exp(-S)$ converge, or do we need to do the standard QFT procedure of only integrating over modes with frequency less than some $\Lambda$, and then using counterterms and taking $\Lambda\to\infty$?
On the one hand, the fact that all beta functions vanish for a CFT makes me think the partition function is finite, since the theory is invariant under increasing the cutoff $\Lambda$. Also, in e.g. this reference $^{{\text{[note: this is a direct link to downloading the pdf]}}}$ eq 114 seems to imply that the CFT partition function on the cylinder is finite.
On the other hand, there is (for example) the famous Cardy-Calabrese formula for the entropy of the 1+1D CFT vacuum restricted to a length $l$ interval: $S=\frac{c}{3}\log\left(\frac{l}{\epsilon}\right)$ + finite. Here, the short-distance cutoff $\epsilon$ is required to make the entropy finite. So, certain quantities in a CFT do require a regulator, which makes me think the partition function itself may well need a regulator.
Which point of view is right?