The rules build upon several of the Principles of Business (see Module PB (Principles of Business)). Principle 1 (Integrity) requires investment firm licensees to observe high standards of integrity and fair dealing, and to be honest and straightforward in their dealings with clients. Principle 3 (Due skill, care and diligence) requires investment firm licensees to act with due skill, care and diligence when acting on behalf of their clients. Principle 7 (Client Interests) requires investment firm licensees to pay due regard to the legitimate interests and information needs of their clients, and to communicate with them in a fair and transparent manner.