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

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.