30 May 2014
new governance and accountability framework for mis managers and their licensed supervisors 2014
The FMC Act introduces an accountability framework for managed investment schemes (MIS).
The requirements include a statutory duty of care on both managers and supervisors of managed investment schemes. Both must also act in the best interests of investors. Managers and supervisors need to have a clear
understanding of their respective roles and understand they will be held to account for their actions.