(1) When providing the service of portfolio management, an investment firm shall establish an appropriate method of evaluation and comparison such as a meaningful benchmark, based on -
(a) the investment objectives of the client, and
(b) the types of financial instruments included in the client portfolio,
so as to enable the client for whom the service is provided to assess the firm's performance.
(2) Where an investment firm proposes to provide portfolio management services to a retail client or potential retail client, the firm shall provide the client, in addition to the information required under paragraph (1), with such of the following information as is applicable:
(a) information on the method and frequency of valuation of the financial instruments in the client portfolio;
(b) details of any delegation of the discretionary management of all or part of the financial instruments or funds in the client portfolio;
(c) a specification of any benchmark against which the performan