PART 5
CONDUCT OF SECURITIES BUSINESS
71. Standards of conduct
In the conduct of securities business, a licensee shall at all times act according to the principles of best practice and, in particular, shall—
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(a) observe a high standard of integrity and fair dealing;
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(b) act with due skill, care and diligence;
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(c) observe high standards of market conduct;
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(d) seek from customers' information about their circumstances and investment objectives which might reasonably be expected to be relevant in enabling the licensee to fulfill the licensee's responsibilities to the customer;
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(e) take reasonable steps to give every customer the licensee advises, in a comprehensible way, any information needed to enable the customer to make a balanced and informed investment decision;
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(f) avoid any conflict of interest with customers and, where such a conflict unavoidably arises, ensure fair treatment to the customer by complete disclosure or by declining to act;
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(g) ensure that the interests of the licensee are not unfairly placed above those of the customer;
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(h) protect by way of segregation and identification, those customer assets for which the licensee is responsible;
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(i) maintain adequate financial resources to meet the securities business commitments of the licensee and withstand the risks to which the business is subject;
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(j) organise and control internal affairs in a responsible manner;
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(k) keep proper records;
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(l) have adequate arrangements to ensure that all staff employed are suitable, adequately trained and properly supervised, and establish and maintain well-defined compliance procedures; and
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(m) deal with the Commission in an open and co-operative manner.