CIS 7.7 AUTs: powers and duties

The guidance in CIS 7.8.2 G (Valuation and pricing) and the rest of CIS 7 relate to the powers and duties of the manager and the trustee. In addition, both the manager and the trustee have fiduciary duties under the general law relating to trusts, and powers and duties under other chapters of this sourcebook and the trust deed.

Generally, the manager is responsible for managing the AUT: in particular for managing the investments, valuing the scheme property and pricing, selling and redeeming units.

The trustee has duties of oversight and is responsible for the title to investments.

This chapter also contains provisions relating to:

1. (a)

   the appointment of the manager or the trustee;

2. (b)

   the appointment of an auditor;

3. (c)

   transactions where there may be a conflict of interests between the AUT and the manager or the trustee or certain other persons;

4. (d)

   the delegation of functions by the manager or the trustee.