Code of Conduct for foreign portfolio investors mandates integrity, confidentiality, asset segregation and bans market manipulation. A foreign portfolio investor must observe high standards of integrity, fairness and professionalism, exercise due diligence and independent professional judgment, maintain confidentiality of trades, segregate its own and clients' money and securities, and ensure arms length relationships between fund management and other business. The code requires competency, compliance with governing law and regulatory decisions, and good corporate governance, and prohibits false statements, fraudulent or manipulative transactions, creation of false markets, price rigging and insider trading by the investor or related persons.