25. 11)

The Authority may issue statements of principle with respect to the conduct expected of regulated persons and those persons exercising control over the regulated persons.

If the Authority issues a statement of principle under subsection (1), it may also issue a code of practice for the purpose of helping to determine whether or not a person's conduct complies with the statement of principle.

A code of practice issued under subsection (2) may specify-

The Authority may at any time alter or replace a statement of principle or a code of practice issued under this section.

If a statement of principle or a code of practice is altered or replaced, the altered or replacement statement of principle or code of practice must be issued by the Authority.

A statement of principle or a code of practice issued under this section must be published by the Authority in the manner that appears to the Authority to be best calculated to bring it to the attention of the public.

A code of practice published under this section and in force at the time when any particular conduct takes place may pe relied on so far as it tends to establish whether or not that conduct complies with a statement of principle.

Failure to comply with a statement of principle under this section does not of itself give rise to any right of action by persons affected or affect the validity of any transaction.

A person is not to be taken to have failed to comply with a statement of principle if he shows that, at the time of the alleged failure, the statement of principle or its associated code of practice has not been published.

The Authority may charge a reasonable fee for providing a person with a copy of a statement of principle or a copy of a code of practice published under this section.

Before issuing a statement of principle or a code of practice under subsection (2), the Authority must publish a draft statement of principle or a draft code of practice in the manner that appears to the Authority to be best calculated to bring it to the attention of the public.

The draft must be accompanied by-

Before issuing the proposed statement of principle or code of practice, the Authority must have regard to any representations made to it.

Subsections (11) to (13) do not apply if the Authority considers that the delay involved in complying with them would prejudice the interests of investors.