1. APPLICATION AND PRINCIPLES
1.1 Application
Unless stated otherwise, these Rules ("REP") apply to every Person who to carry on the Regulated Activity of Operating a Representative Office.
1.2 Principles for Representative Offices
Representative Offices shall conduct all of their business in a manner that is compatible with the principles listed in this REP 1.2.
(1) Integrity | A Representative Office must conduct its business with high standards of integrity and fair dealing. |
(2) Due skill, care and diligence | A Representative Office must conduct its business with due skill, care and diligence. |
(3) Adequate resources | A Representative Office must maintain adequate resources to conducts and manage its affairs and be able to demonstrate the existence of such resources to the AFSA. |
(4) Relationship with regulators | A Representative Office must deal with Regulators in an open and co-operative manner and must promptly disclose to the AFSA significant events or anything else relating to the Representative Office of which the AFSA would reasonably expect to be notified. |