Summary: Fiduciary Duties
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26 The fiduciary project
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WHy has the fiduciary project entered the financial markets?
Because risk is typically taken through legal structures, whereby clients' assets and/or liabilities are controlled by an intermediary. -
What is a repeated theme of the fiduciary project?
The regulation of conflicts of interest. -
What does fiduciary duty adress?
Intermediary risk but not position ris, and for that reason may give the appearance but not the reality of protection for the risk taker. -
What does a fiduciary relationship typically involve?
Structuring, whereby one person controls the assets and/or liabilities of another person, and include agent/principal, trustee/beneficiary, partner/partner. -
By which is the fiduciary duty introduced into financial markets?
Through the use of legal structures. -
Which three types of business vehicles does English law offer?
Partnerships, companies and trusts. -
Why are business vehicles important to the financial markets? (3)
Most financial market participants are not individuals but institutions, taking the form of business vehicles.Firms routinely establish special vehicles through which they or their clients enter into financial positions.Interests in vehicles themselves constitute funded positions, and many of them are actively traded in the financial markets. -
How can an asset manager act on investor's behalf?
An asset manager contracts either as agent or as principal, in the case of truts, in each case subject to fiduciary duties. -
What is an important function of a business vehicle?
To provide a holding arrangement that permits the managers to dispose of old assets and acquire new ones conveniently, without involving all the participants in the change of ownership. -
By what idea is this achieved?
The assets of the business form a fund in which participants hold shares or participations.
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