176. {1)

An individual who is appointed to carry out oversight functions for a public collective investment scheme must comply with the following six principles in respect of every oversight function including independent directors referred to in this Part -

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PRINCIPLE 1- INTEGRITY

An individual must observe high standards of integrity and fair dealing in carrying out every oversight function and disclose to the panel, committee or supervisory board any direct or indirect pecuniary interest that he has in a matter being considered, or about to be considered by the panel, committee or supervisory board if his interest may conflict with the proper performance of his duties in relation to the consideration of the matter;

PRINCIPLE 2 -DUE SKILL, CARE AND DILIGENCE

An individual must act with due skill, care and diligence in carrying out every oversight function;

PRINCIPLE 3 -MARKET CONDUCT

An individual must observe proper standards of conduct in financial markets in carrying out every oversight function;

PRINCIPLE 4 -

RELATIONS WITH AUTHORITY

An individual must deal with the Authority in an open and co-operative manner and must disclose appropriately any information that the

Authority may reasonably expect to be notified of;

PRINCIPLE 5 -MANAGEMENT, SYSTEMS AND CONTROL

An individual who has been appointed chairman of the panel, committee or supervisory board must take reasonable care to ensure that the oversight of the operator for which he and the other appointees are responsible is organised so that it can be managed and controlled effectively;

PRINCIPLE 6 -COMPLIANCE

An individual who has been appointed chairman of the panel, committee or supervisory board must take reasonable care to ensure that he and the other persons carry out their duties and functions under the Order and these Regulations.