PRIV 4.1.5 Particular Duties of Operator

The operator of a scheme must—

(a) act honestly; and
(b) exercise the degree of care and diligence that a reasonable person would exercise in the operator's position; and
(c) act in the best interests of the unitholders and, if there is a conflict between the unitholders' interests and its own interests, give priority to the unitholders' interests; and
(d) unless otherwise required or permitted by the constitutional document, treat unitholders who hold units in the same class equally and unitholders who hold units in different classes fairly; and

Note Class is defined in the glossary.
(e) not make improper use of information acquired as a result of being the operator—
(i) to gain, directly or indirectly, a personal advantage or an advantage for another person; or
(ii) to cause detriment to the unitholders; and
(f) not make improper use of the position of operator—
(i) to gain, directly or indirectly, a personal advantage or an advantage for another person; or
(ii) to cause detriment to the unitholders.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)