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DeMott, Deborah A. --- "Fiduciary contours: perspectives on mutual funds and private funds" [2018] ELECD 838; in Birdthistle, A. William; Morley, John (eds), "Research Handbook on the Regulation of Mutual Funds" (Edward Elgar Publishing, 2018) 57

Book Title: Research Handbook on the Regulation of Mutual Funds

Editor(s): Birdthistle, A. William; Morley, John

Publisher: Edward Elgar Publishing

ISBN: 9781784715045

Section: Chapter 3

Section Title: Fiduciary contours: perspectives on mutual funds and private funds

Author(s): DeMott, Deborah A.

Number of pages: 22

Abstract/Description:

The chapter considers the effect of the highly prescriptive regulatory structure of the Investment Company Act of 1940, focusing attention upon the contours of fiduciary duties in mutual funds. It advances the thesis that assessment of the role and significance of fiduciary obligations regarding investment funds, both mutual and private, turns on their distinctive characteristics, including those prescribed by regulation. It notes that the population of investment advisers now registered with the SEC includes many who advise at least one private fund, and their actions during the financial crisis suggest that advisers’ practices call into question whether they are acting consistently with their fiduciary duties.