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Tuesday, 28 June 2011 03:28

In 1988 the government introduced the concept of “Responsible Entities” (RE) via the Managed Investments Act whereby a Trustee holds the assets “in trust” for investors / unit-holders, with a separate manager responsible for the operational performance. The RE must be a specifically licenced Australian public company with net tangible assets of $5 million (or else appoint a custodian), and comply with an array responsibilities and duties, with penalties of up to $1 million for violations and / or  $200,000 fines on individual company staff / directors.

Last Updated on Wednesday, 27 July 2011 09:12