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Hanrahan, Pamela; Ramsay, Ian --- "Regulation of mutual funds in Australia" [2018] ELECD 852; in Birdthistle, A. William; Morley, John (eds), "Research Handbook on the Regulation of Mutual Funds" (Edward Elgar Publishing, 2018) 414

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 17

Section Title: Regulation of mutual funds in Australia

Author(s): Hanrahan, Pamela; Ramsay, Ian

Number of pages: 33

Abstract/Description:

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.