Funds Management in Australia

The book "Funds Management in Australia: Officers' Duties and Liabilities" by Pamela F. Hanrahan is a comprehensive treatise on the legal responsibilities and liabilities of officers in Australian funds management companies. Here is a detailed overview of the book:

Key Themes

1. Funds Management Law and Regulation:

   • The book begins by discussing the regulatory framework governing funds management in Australia. It covers topics such as the general law framework, financial services regulation, and product regulation and prudential supervision.

2. Officers' Duties and Liabilities:

   • The main focus of the book is on the duties and liabilities of officers in funds management companies. It delves into the specific obligations of officers, including their duties of care and effort, the pattern of officers' accountability, and the potential liabilities for participation in the company's wrongdoing.

3. Collective Investment Schemes:

   • The book examines the various forms of collective investment schemes operated in Australia, such as registered managed investment schemes, wholesale unit trusts, superannuation funds, investment linked life insurance products, investment companies, and exchange traded funds.

4. Disclosure and Conflict of Interest:

   • It also addresses critical issues like disclosure requirements and conflicts of interest, which are crucial for maintaining the integrity and trustworthiness of funds management companies.

5. Enforcement Mechanisms:

   • The book concludes by discussing the enforcement mechanisms available for ensuring compliance with the regulatory framework. This includes public law sanctions and private remedies.

Plot Summary

The book is structured into three parts:

1. Part I: Funds Management Law and Regulation

   • This section provides an overview of the legal and regulatory environment governing funds management in Australia. It covers foundational topics such as the nature of funds management, the general law framework, financial services regulation, and product regulation and prudential supervision.

2. Part II: Officers' Duties and Liabilities

   • This part is dedicated to the specific duties and liabilities of officers in funds management companies. It explores the pattern of officers' accountability, their duties of care and effort, and the obligations to act properly. It also delves into conflicts of interest and collateral advantage, as well as the liability for participation in the company's wrongdoing.

3. Part III: Enforcement

   • The final section discusses the mechanisms available for enforcing compliance with the regulatory framework. It includes public law sanctions and private remedies, providing a comprehensive understanding of how non-compliance can be addressed.

Critical Reception

The book has been well-received in academic and professional circles due to its comprehensive coverage of the complex legal landscape governing funds management in Australia. Pamela Hanrahan's expertise in corporate law, securities regulation, and financial services law has been recognized by her peers and the legal community. Her work has been frequently referenced and cited by the High Court of Australia, indicating its significance and reliability.

The book's inclusion in major legal databases and its availability in prominent libraries further underscores its importance as a reference text for professionals and scholars in the field of funds management.

In summary, "Funds Management in Australia: Officers' Duties and Liabilities" by Pamela F. Hanrahan is a seminal work that provides a detailed and authoritative treatment of the legal responsibilities and liabilities of officers in Australian funds management companies. Its comprehensive coverage and expert analysis make it a valuable resource for both practitioners and academics in the field.