Yes – strata managers have to have a licence and are governed by the Property Stock & Business Agents Act, refer link below. The provisions that relate to strata managers are pretty general and are primarily regarding accountability re money held on behalf of the OC, and things such as records.
I have thought for a long time that there should be some more specific laws governing strata managers. You don’t want to go overboard but from my experience there are some naughty ones out there.
https://www.legislation.nsw.gov.au/fullhtml/inforce/act+66+2002+FIRST+0+N