Research Handbook on the Regulation of Mutual Funds
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Research Handbook on the Regulation of Mutual Funds

Edited by William A. Birdthistle and John Morley

The growth of mutual funds has been a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes have created different regulatory preferences for the oversight of these funds, and academics, public officials, and legal practitioners wishing to understand the global investing environment need an appreciation for these international differences. This Handbook addresses these and several other issues concerning mutual funds. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investments funds as well identity and behavior of investors and issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds.
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Chapter 4: The fiduciary structure of investment management regulation

Arthur B. Laby

Abstract

The chapter examines the fiduciary structure of investment management regulation. Specifically, it addresses the relationship between investment managers’ fiduciary obligations and regulators’ efforts to control the investment management industry through rules and enforcement actions that constitute the bulk of fund law. Laby argues that much of that body of law is a response by regulators to the uncertainties inherent in the fiduciary obligation. On a broad series of issues, it is contended, regulators attempt to specify the precise fiduciary obligations of managers as they exercise their duties to clients.

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