Fiduciary
fiduciary (adjective) - a relationship based on trust in which one person manages money or property for another
a fiduciary duty
basic fiduciary duties
fiduciary duties of agents
the fiduciary duties of directors
imposition upon directors of fiduciary duties
fiduciary duties were extended to company directors
never thought about the fiduciary duty at all
contractual and fiduciary relationships
governed by contractual relationships, leaving no fiduciary trust to be broken
owes a duty as fiduciary to avoid putting itself in a position where its own interests conflict with that of its clients
fiduciary controls
allegations of breach of fiduciary duty
mismatches between fiduciary duties and what is required by the rules
a breach of their fiduciary duties
breaches a fiduciary relationship
proceedings for breach of other fiduciary duties
conflict between fiduciary duties and regulatory rules
examples of mismatch between fiduciary duties and regulatory rules
professionals and businesses that stand in fiduciary relationships with their customers
the director still owes fiduciary duties to his beneficiary
the director's preferring his own personal interests to those of persons for whom he acts as fiduciary
banknotes being fiduciary backed by government securities rather than backed by gold
art expert buyers, in the absence of fraud or a fiduciary relationship, have no obligation to disclose information
the information was too obvious and too vague and unspecific to be caught by any alleged fiduciary duty that the defendants were under
first necessary to outline when a fiduciary relationship arises and the duties that a fiduciary owes to the beneficiary
an exclusion clause will not prevent the introduction of new fiduciary duties into the relationship between firm and customer as it develops over time
the second arises where financial institutions find themselves owing conflicting fiduciary duties to different people, so that they cannot comply with their duties to one without breaching their duties to the other.
clause 13 clearly imposed that fiduciary relationship upon the buyers
fiduciary duties continue to apply to the directors of a company
inconsistency between fiduciary and regulatory law
anyone acting in a representative, fiduciary or official capacity
a fiduciary customer
your customer has a fiduciary responsibility to you
Example sentences:
* It was held that clause 13 clearly imposed that fiduciary relationship upon the buyers.
* So there was a fiduciary relationship between Campbell and Mrs. Duval.
* That your customer has a fiduciary responsibility to you in respect of any monies received from the sale of the goods.
* In certain areas there are mismatches between fiduciary duties and what is required or permitted by SIB and SRO rules.
* It was in the nineteenth century that fiduciary duties were extended to company directors.
* Such trust, say the courts, is inherent in an equity but not in a debt security, which is governed by contractual relationships, leaving no fiduciary trust to be broken.
* Moreover, it is the present position that art expert buyers, in the absence of fraud or a fiduciary relationship, have no obligation to disclose information relating to the true identity of a painting.
* The issue of banknotes is the sole function of the issue department, the notes being fiduciary backed by government securities rather than backed by gold.
* The fiduciary duties of directors are not merely abstract injunctions to act only in the interests of the shareholders for they are once again enforceable in the courts.
* This approach emphasises that abuse is rare simply because the idea of a fiduciary relationship (a relationship where there is a special duty of trust and care), and the consequent fiduciary law that has developed to protect this sort of relationship, would neither have evolved nor survived until today.
* A conglomerate owes a duty as fiduciary to avoid putting itself in a position where its own interests conflict with that of its clients.
* It would seem, therefore, that while various potential remedies for breach of fiduciary duty do exist, it is unlikely that they will ever be used.
* This may involve either the misappropriation of confidential information or the breach of a fiduciary duty of confidentiality.
breach of a fiduciary duty of confidentiality
* Before considering the different techniques for resolving conflicts of interest, it is first necessary to outline when a fiduciary relationship arises and the duties that a fiduciary owes to the beneficiary, for our purposes the customer.
* The main areas of conflict between fiduciary duties and regulatory rules concern disclosure of commission and other remuneration, relaxation of the" no profit" rule and Chinese walls.
* Finally, it is important to note that however tight an exclusion clause may be, it will not prevent the introduction of new fiduciary duties into the relationship between firm and customer as it develops over time.
* In common with directors, senior officers holding positions of responsibility and professional advisers, such as merchant bankers, and lawyers, are also fiduciaries, and are, therefore, bound by fiduciary ties.
* Nevertheless, whatever the Articles of Association say, the director still owes fiduciary duties to his beneficiary; these include the duty to make full and frank disclosure, and the duty to put his company's interests before his own where there is a conflict.
* Professionals and businesses that stand in fiduciary relationships with their customers have always had to cope with the problems that arise when they owe conflicting duties to different clients, or their own interests conflict with those of a client.
* When such a person breaches his fiduciary relationship, he may be treated more properly as a tipper than a tippee.
* This further method is found in the imposition upon directors of fiduciary duties.
* In breach of their fiduciary duties they put themselves in a position where there was a conflict between their duty to the plaintiff to inform him and their personal interest in ensuring that they obtained commission on both Vertigo and Caliban. (6) As a consequence (a) the plaintiff was entitled to damages for breach of contract and fiduciary duties; (b) the defendants, being in breach of their fiduciary duties as agents, were not entitled to their commission.
* The breach of duty consists not of allowing the conflict of interest to arise because that is often outside the control of the director, but of the director's preferring his own personal interests to those of persons for whom he acts as fiduciary, or of taking advantage of such a position.
* Similar considerations apply to the fiduciary duties of agents.
* That contractual and fiduciary relationships may co-exist between the same parties has never been doubted.
* There is a substantial overlap here with the fiduciary controls and so this issue will be considered below, and in more detail in Chapter 9 where the extent to which the legal rules are tolerant of expenditure for `;socially responsible'; purposes will be examined.
* In certain circumstances proceedings for breach of other fiduciary duties may be commenced by a member on the company's behalf in derivative form.
* Jacques Savary, one of Europe's leading 17th century commercial lawyers illustrated in an answer to a consultation ( Parere ), the importance of the captain's public fiduciary role.
* But the concept of the fiduciary duty said to be owed by the GLC to its rate payers was most widely emphasized by their Lordships.
* The answer is, of course, that Parliament never thought about the fiduciary duty at all.
* That decision was based primarily not on procedural defects but on interpretations of the words of the statute and on the notion of the fiduciary duty.
* As a consequence, fiduciary duties continue to apply to the directors of a company and to 'shadow" directors (persons whose instructions or directions often determine the decision of the board of directors).
* Questions arose as to whether the new regulatory system introduced by the Act would permit or require practices inconsistent with common law fiduciary duties, and, to the extent that it did, the impact this would have on fiduciary duties.
* The basic fiduciary duties may be summarised as follows: (1) The" no conflict" rule: the fiduciary must not place himself in a position where his own interest conflicts with that of his [customer], the beneficiary; (2) The" no profit" rule: the fiduciary must not profit from his position at the expense of his [customer]; (3) The undivided loyalty rule: a fiduciary owes undivided loyalty to his [customer], the beneficiary, and therefore must not place himself in a position where his duty towards one [customer] conflicts with a duty that he owes to another [customer].
* Before setting out some examples of mismatch between fiduciary duties and regulatory rules, it should be pointed out that there are three different types of conflict or mismatch between regulatory and the common law and equitable rules relating to fiduciaries (hereafter abbreviated to" fiduciary law").
* This means that there is uncertainty as to whether the generalised advance disclosures made in client agreements will, in the absence of subsequent specific disclosure, always guarantee protection against allegations of breach of fiduciary duty.
* The question here is what must a firm disclose to its customers in order to permit its broker/dealer department to sell or buy stock off its own book to or from a "fiduciary customer" (ie a customer to whom fiduciary duties are owed, eg where a broker acts as agent)?
* Its disadvantages are: (1) The regulators might stop framing their rules in the shadow of and by reference to the principles of fiduciary law.
* Where it is not clear whether the FSA authorises the modification of fiduciary duties in relation to a particular rulemaking power, it is difficult to predict what the outcome will be.
* Although firms may use a variety of contractual and structural techniques to try to deal with these problems, the uncertainty surrounding the extent to which it is possible to exclude or modify fiduciary obligations by contract or disclosure and consent, and as to the extent to which the use of Chinese walls provides protection as a matter of private law against allegations of breach of fiduciary duty, means that these techniques cannot be relied upon exclusively.
* The overall situation is unsatisfactory and it is impossible to give precise guidance as to how a firm can resolve mismatches between fiduciary and regulatory law, other than by always complying with the more onerous obligation where the inconsistency between fiduciary and regulatory law is not direct.
* Civil legal aid is available for all proceedings under the Children Act 1989 but not to local authorities, the NSPCC, guardians ad litem or anyone acting in a representative, fiduciary or official capacity.
* The judge went on to find that not only was the information contained in the manuals and the feasibility study not a trade secret but that the information contained in the feasibility study was too obvious and too vague and unspecific to be caught by any alleged fiduciary duty that the defendants were under.
