Fiduciary duties of trustees require prioritising investors' interests, disclosure, conflict avoidance, segregation and robust governance. Obligations require prioritising investor interests, avoiding and managing conflicts of interest, ensuring scheme-wise segregation of accounts and assets, and acquiring debt by genuine true sale. Entities and trustees must provide timely, accurate disclosures about asset pools, counterparties, credit enhancements, ratings and financial position; adopt internal codes of conduct and corporate governance; prohibit unfair marketing, valuation manipulation, insider trading and passing unpublished price sensitive information; maintain internal controls and adequate operational capabilities; ensure fit and proper personnel, diligent supervision and an empowered compliance officer; and promptly inform investors and the Board of material adverse changes.