(1) A regulated financial service provider shall comply with any standards prescribed by the Bank under subsection (2) (in this section referred to as the 'business standards').

(2) The Bank may make regulations prescribing standards for the purpose of ensuring that in the conduct of its affairs a regulated financial service provider -

(a) acts in the best interests of customers and of the integrity of the market,

(b) acts honestly, fairly and professionally, and

(c) acts with due skill, care and diligence.

(3) The business standards shall, in particular, include standards requiring that in the conduct of its affairs the regulated financial service provider -

(a) does not mislead a customer as to the advantages or disadvantages of any financial service,

(b) maintains adequate financial resources,

(c) controls and manages its affairs and systems (including risk management systems, internal control mechanisms and governance arrangements) sustainably, responsibly, and in a sound and prudent manner,

(d) prevents, or identifies and appropriately manages, conflicts of interest,

(e) arranges adequate protection for assets held by the regulated financial service provider on behalf of a customer,