abstract:A responsible entity is a peculiarly Australian invention designed to replace the manager/trustee in managed investment schemes. It was created by the Managed Investments Act 1998, which made significant amendments to the prescribed interest provisions contained in the Australian Corporations Act.
We call it the "Label" model because it treats each of EA's four labels as a sovereign entityresponsible for its own creative decisions and business results.
It furthers their class-based argument and allows them to find either an entity that is indeed responsible or, perhaps, a scapegoat that can take the fall.