Over the past few months, much has been written about what FIMA requires. Far less has been said about what it takes to implement those requirements.
A simple amendment to Regulation 35(1) could eliminate the ambiguity and ensure that the regulations clearly reflect Parliament's intention in section 282(2).
Much attention has rightly been given to the enhanced duties and accountability of trustees. Less discussed, however, is the significant evolution of the role of the Principal Officer.