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Research Handbook on the Regulation of Mutual Funds
The growth of mutual funds has been a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes have created different regulatory preferences for the oversight of these funds, and academics, public officials, and legal practitioners wishing to understand the global investing environment need an appreciation for these international differences. This Handbook addresses these and several other issues concerning mutual funds. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investments funds as well identity and behavior of investors and issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds.
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Critical Acclaim
Contributors
Contents
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With fifty trillion in worldwide assets, mutual funds and their rapid growth are truly global phenomena, deserving a broad international analysis. Local political economies and legal regimes create different regulatory preferences for the oversight of these funds, and academics, public officials and legal practitioners wishing to understand the global investing environment will require a keen awareness of these international differences.
The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and use an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs and private funds.
This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds.
The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and use an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs and private funds.
This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds.
Critical Acclaim
‘The Research Handbook of the Regulation of Mutual Funds is a source of scholarly articles on legal aspects of mutual funds. It is recommended to law libraries and academic libraries supporting an MBA program.’
– American Reference Books Annual 2018
‘A splendid and illuminating overview of the regulation of mutual funds. The Research Handbook assembles contributions from leading scholars in the United States and around the world, offering a fascinating array of perspectives on the challenges facing mutual fund investors and regulators. The volume includes both insightful analyses of existing regulatory practices and creative prescriptions for reforms and renewal. The book will be an invaluable resource for both scholars and practitioners interested in understanding the evolution and future of the regulation of mutual funds.’
– Howell Jackson, Harvard University, Law School, US
– American Reference Books Annual 2018
‘A splendid and illuminating overview of the regulation of mutual funds. The Research Handbook assembles contributions from leading scholars in the United States and around the world, offering a fascinating array of perspectives on the challenges facing mutual fund investors and regulators. The volume includes both insightful analyses of existing regulatory practices and creative prescriptions for reforms and renewal. The book will be an invaluable resource for both scholars and practitioners interested in understanding the evolution and future of the regulation of mutual funds.’
– Howell Jackson, Harvard University, Law School, US
Contributors
Contributors: W.A. Birdthistle, M. Bullard, I.H-Y Chiu, B. Clarke, Q. Curtis, D.A. DeMott, J. Fanto, J.E. Fisch, P. Hanrahan, L.P.Q. Johnson, W.A. Kaal, A.K. Krug, A.B. Laby, J.Morley, A. Palmiter, I. Ramsay, E.D. Roiter, M. White, D.A. Zetzsche
Contents
Contents:
List of Contributors
Introduction to the Research Handbook on the Regulation of Monetary Funds
William A. Birdthistle and John Morley
PART I THE ROLE AND REGULATION OF INVESTMENT FUNDS
1. Why Do Investment Funds Have Special Securities Regulation?
John Morley
2. The Rise and Fall of the Mutual Fund Brand
Mercer Bullard
3. Fiduciary Contours: Perspectives on Mutual Funds and Private Funds
Deborah A. DeMott
4. The Fiduciary Structure of Investment Management Regulation
Arthur B. Laby
PART II IDENTITY AND BEHAVIOR OF MUTUAL FUND INVESTORS
5. Who Are Mutual Fund Investors?
Alan Palmiter
6. Protecting Mutual Fund Investors: An Inevitable Eclecticism
Lyman P.Q. Johnson
7. The Past and Present of Mutual Fund Fee Litigation Under Section 36(b)
Quinn Curtis
8. Toward Better Mutual Fund Governance
Anita K. Krug
9. Mutual Fund Compliance: Key Developments and Their Implications
James Fanto
PART III THE BROADER RANGE OF INVESTMENT FUNDS
10. Tales From The Dark Side: Money Market Funds and the Shadow Banking Debate
Jill E. Fisch
11. Exchange-Traded Funds: Neither Fish Nor Fowl
Eric D. Roiter
12. Free Funds: Retirement Savings as Public Infrastructure
William A. Birdthistle
13. Confluence of Mutual and Hedge Funds
Wulf A. Kaal
PART IV INTERNATIONAL PERSPECTIVES ON INVESTMENT FUNDS
14. The Anatomy of European Investment Fund Law
Dirk A. Zetzsche
15. Governance Aspects of Mutual Funds in Ireland
Blanaid Clarke and Mark White
16. Regulating Collective Retail Investment Funds in the United Kingdom with the Objective of Investor Protection, and Some Implications
Iris H-Y Chiu
17. Regulation of Mutual Funds in Australia
Pamela Hanrahan and Ian Ramsay
Index
List of Contributors
Introduction to the Research Handbook on the Regulation of Monetary Funds
William A. Birdthistle and John Morley
PART I THE ROLE AND REGULATION OF INVESTMENT FUNDS
1. Why Do Investment Funds Have Special Securities Regulation?
John Morley
2. The Rise and Fall of the Mutual Fund Brand
Mercer Bullard
3. Fiduciary Contours: Perspectives on Mutual Funds and Private Funds
Deborah A. DeMott
4. The Fiduciary Structure of Investment Management Regulation
Arthur B. Laby
PART II IDENTITY AND BEHAVIOR OF MUTUAL FUND INVESTORS
5. Who Are Mutual Fund Investors?
Alan Palmiter
6. Protecting Mutual Fund Investors: An Inevitable Eclecticism
Lyman P.Q. Johnson
7. The Past and Present of Mutual Fund Fee Litigation Under Section 36(b)
Quinn Curtis
8. Toward Better Mutual Fund Governance
Anita K. Krug
9. Mutual Fund Compliance: Key Developments and Their Implications
James Fanto
PART III THE BROADER RANGE OF INVESTMENT FUNDS
10. Tales From The Dark Side: Money Market Funds and the Shadow Banking Debate
Jill E. Fisch
11. Exchange-Traded Funds: Neither Fish Nor Fowl
Eric D. Roiter
12. Free Funds: Retirement Savings as Public Infrastructure
William A. Birdthistle
13. Confluence of Mutual and Hedge Funds
Wulf A. Kaal
PART IV INTERNATIONAL PERSPECTIVES ON INVESTMENT FUNDS
14. The Anatomy of European Investment Fund Law
Dirk A. Zetzsche
15. Governance Aspects of Mutual Funds in Ireland
Blanaid Clarke and Mark White
16. Regulating Collective Retail Investment Funds in the United Kingdom with the Objective of Investor Protection, and Some Implications
Iris H-Y Chiu
17. Regulation of Mutual Funds in Australia
Pamela Hanrahan and Ian Ramsay
Index
