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COB 12.2.1

The Operator and Administrator of a Scheme must:

(a) act in the best interests of the Members of the Scheme and, if there is a conflict between the interests of the Operator or Administrator of a Scheme and the interests of Members of the Scheme, give priority to the interests of Members;
(b) not improperly make use of information acquired through being the Operator or Administrator of a Scheme to:
(i) gain an advantage for itself or another Person; or
(ii) cause detriment to Members of the Scheme;
(c) ensure that its officers, employees and agents do not improperly make use of information acquired through being officers, employees or agents of the Operator or Administrator of a Scheme to:
(i) gain an advantage for itself or another Person; or
(ii) cause detriment to Members of the Scheme;
(d) ensure that any Related Party Transaction is on terms at least as favourable to the Scheme as any comparable arrangement on normal commercial terms negotiated at arm’s length with an independent third party; and
(e) report to the DFSA, any breach of legislation administered by the DFSA or other applicable laws that relates to the Scheme and has had, or is likely to have, a materially adverse effect on the interests of Members of the Scheme, as soon as practicable after it becomes aware of the breach.
Derived from DFSA RMI261/2019 (Made 18th December 2019). [VER35/01-20]