• INDI Chapter 2 INDI Chapter 2 Principles of conduct for individuals

    • INDI 2.1.1 Application of the principles

      The principles in rule 2.1.2 to rule 2.1.6 apply to an individual who performs a controlled function or the customer-facing function for an authorised firm.

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI 2.1.2 Principle 1 — integrity

      The individual must act with integrity at all times.

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI 2.1.3 Principle 2 — due skill, care and diligence

      The individual must act with due skill, care and diligence.

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI 2.1.4 Principle 3 — market conduct

      The individual must observe appropriate standards of market conduct.

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI 2.1.5 Principle 4 — relations with the Regulatory Authority

      The individual must deal with the Regulatory Authority in an open and cooperative manner, and must disclose appropriately to the authority any information that the authority would reasonably expect to be informed of.

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI 2.1.6 INDI 2.1.6 Principle 5 — appropriate priority for management and compliance

      If the individual is a member of the firm's senior management, he or she must give appropriate priority to his or her management responsibilities, and must ensure that the business for which he or she is responsible:

      (a) is effectively supervised and controlled; and
      (b) complies with the requirements of the regulatory system.
      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI 2.1.6 Guidance

        1 The principles are drawn up in accordance with FSR, article 15 (3), and are part of these rules.
        2 The principles are a general statement of the standards expected of individuals who perform controlled functions or the customer-facing function for authorised firms. They apply directly to the conduct of firms' business by such individuals.
        3 The principles are not exhaustive of the standards expected. Complying with the principles does not absolve an individual from failing to observe other requirements in these rules, and observing other requirements in these rules is not necessarily complying with the principles.
        4 An individual's failure to comply adequately with the principles is likely to affect the Regulatory Authority's assessment of his or her fitness and propriety. A breach of the principles could form the basis of action by the authority.
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)