Regulation of Mutual Funds in Australia

Research Handbook on Mutual Funds, William Birdthistle and John Morley, eds., Edward Elgar Publishing, 2017, Forthcoming

37 Pages Posted: 29 Dec 2016

See all articles by Pamela F Hanrahan

Pamela F Hanrahan

UNSW Business School; University of Melbourne - Law School

Ian Ramsay

Melbourne Law School - University of Melbourne

Date Written: December 27, 2016

Abstract

Over the last two decades, Australia has developed a unique legal and regulatory framework for collective investments, including mutual funds. This 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.

Keywords: mutual funds; fiduciary duties; voting; enforcement

Suggested Citation

Hanrahan, Pamela F and Ramsay, Ian, Regulation of Mutual Funds in Australia (December 27, 2016). Research Handbook on Mutual Funds, William Birdthistle and John Morley, eds., Edward Elgar Publishing, 2017, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2890631

Pamela F Hanrahan

UNSW Business School ( email )

UNSW Business School
High St
Sydney, NSW 2052
Australia

University of Melbourne - Law School ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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