(a) Observe high standards of integrity and fair dealing, including being honest and straightforward in their dealings with clients;

(b) Take all reasonable steps to identify, and prevent or manage, potential or actual conflicts of interest that could harm the interests of a client (such steps to include, wherever appropriate, declaring such conflicts). This includes a prohibition on administrators and custodians being participants in a CIU in respect of which they are a relevant person — unless, in the case of overseas domiciled CIUs, the applicable regulations of their jurisdiction of domicile permit such investments;

(c) Act with due skill, care and diligence;

(d) Act impartially and refrain from any action which may be to the advantage of one CIU and/or its participants, at the expense of another CIU and/or its participants;

(e) Observe in full any obligations of confidentiality, including with respect to client information. This requirement does not over-ride lawful disclosures;

(f) Observe proper standards of market conduct, and avoid action that would generally be viewed as improper;

(g) Take reasonable care to safeguard the assets of clients for which they are responsible, and ensure that those assets are kept separate from their own assets and are separately identifiable from the assets of other CIUs with which they are involved;

(h) Pay due regard to the legitimate interests and information needs of the clients and communicate with them in a fair and transparent manner;

(i) Act in an open and co-operative manner with CBB and other regulatory/supervisory bodies under whose authority they come under. They should take reasonable care to ensure that their activities comply with all applicable laws and regulations;

(j) Maintain adequate human, financial and other resources sufficient to run the CIU in an orderly manner;

(k) Keep accurate accounts and records for each CIU for which it holds assets;

(l) Take reasonable care to ensure that their affairs are managed effectively and responsibly, with appropriate systems and controls in relation to the size and complexity of their operations. Their systems and controls, as far as is reasonably practical, should also be sufficient to manage the level of risk inherent in their business; and

(m) Ensure that when outsourcing functions, such outsourcing is properly controlled and that ultimate responsibility for the proper discharge of those functions is retained by the relevant person concerned.