Each Member State shall draw up rules of conduct which management companies authorised in that Member State shall observe at all times. Such rules must implement at least the principles set out in the following indents. These principles shall ensure that a management company:
(a) acts honestly and fairly in conducting its business activities in the best interests of the UCITS it manages and the integrity of the market;
(b) acts with due skill, care and diligence, in the best interests of the UCITS it manages and the integrity of the market;
(c) has and employs effectively the resources and procedures that are necessary for the proper performance of its business activities;
(d) tries to avoid conflicts of interests and, when they cannot be avoided, ensures that the UCITS it manages are fairly treated, and
(e) complies with all regulatory requirements applicable to the conduct of its business activities so as to promote the best interests of its investors and the integrity of the ma