Edited by William A. Birdthistle and John Morley
Over two decades, Australia developed a unique legal and regulatory framework for mutual funds and other collective investments. Utilizing a trust structure, the framework is built around a single “responsible entity” that combines the role of the fund sponsor and adviser with that of the trustee. This chapter explains three key features of that framework: the fiduciary duties imposed on the responsible entity and its officers; the limited role of an independent party to monitor or oversee the responsible entity’s conduct of the fund; and the availability of investor “self-help” mechanisms, including information rights, voting rights, enforcement rights and exit rights.
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