Managed Investment Schemes: Liability of Directors of Responsible Entities Where the Responsible Entity Breaches the Law

(2016) 34 C&SLJ 599

26 Pages Posted: 13 Feb 2017

Date Written: October 7, 2016

Abstract

Effective protection for investors in managed investment schemes appears to be difficult and, at times, lacking. As part of this search for protection an issue arises as to the responsibility and liability of directors and officers of the responsible entity where the responsible entity breaches the law or some other duty. This issue is the focus of this article, which also examines the broader duties of such directors and officers as a necessary precursor to this analysis. Particular attention is paid to the stepping stones mode of liability which was recently considered by Edelman J in Australian Securities and Investments Commission v Cassimatis (No 8) [2016] FCA 1023 in the context of the collapse of Storm Financial.

Keywords: directors' duties, company law, fiduciary duties, managed investment schemes

JEL Classification: K22, K10

Suggested Citation

Langford, Rosemary Teele, Managed Investment Schemes: Liability of Directors of Responsible Entities Where the Responsible Entity Breaches the Law (October 7, 2016). (2016) 34 C&SLJ 599, Available at SSRN: https://ssrn.com/abstract=2913794

Rosemary Teele Langford (Contact Author)

University of Melbourne - Law School ( email )

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

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
156
Abstract Views
590
rank
208,874
PlumX Metrics