(a)

acts honestly and fairly in conducting its business activities in the best interests of the UCITS it manages and the integrity of the market;

(b)

acts with due skill, care and diligence, in the best interests of the UCITS it manages and the integrity of the market;

(c)

has and employs effectively the resources and procedures that are necessary for the proper performance of its business activities;

(d)

tries to avoid conflicts of interests and, when they cannot be avoided, ensures that the UCITS it manages are fairly treated; and

(e)

complies with all regulatory requirements applicable to the conduct of its business activities so as to promote the best interests of its investors and the integrity of the market.

(a)

establish appropriate criteria for acting honestly and fairly and with due skill, care and diligence in the best interests of the UCITS;

(b)

specify the principles required to ensure that management companies employ effectively the resources and procedures that are necessary for the proper performance of their business activities; and

(c)

define the steps that management companies might reasonably be expected to take to identify, prevent, manage or disclose conflicts of interest as well as to establish appropriate criteria for determining the types of conflicts of interest whose existence may damage the interests of the UCITS.