ES-1.3.1

The 10 Principles of Business covered in Module PB are a general statement of the fundamental obligations of all CBB insurance licensees and approved persons. They have the status of Rules and provide a basis for other more detailed Rules elsewhere in Volume 3.

ES-1.3.2

All Principles of Business apply to activities carried out by the licensees, including activities carried out through overseas branches. Principles 1 to 8 also apply to approved persons, in respect of controlled functions for which they have been approved. Principles 9 (Adequate Resources) and Principles 10 (Management, Systems and Controls) also take into account any activities of other members of the group of which the licensee is a member.

ES-1.3.3

The Principles of Business are:

Principle 1 — Integrity

Principle 2 — Conflicts of Interest

Principle 3 — Due Skill, Care and Diligence

Principle 4 — Confidentiality

Principle 5 — Market Conduct

Principle 6 — Customer Assets

Principle 7 — Customer Interests

Principle 8 — Relations with Regulators/Supervisors

Principle 9 — Adequate Resources

Principle 10 — Management, Systems and Controls