Fiduciary duty: mutual fund managers must prioritise unitholders' interests, ensure segregation and avoid conflicts of interest. Trustees and asset management companies must manage schemes in the interest of all unitholders, ensure timely accurate disclosure, avoid concentration of business and conflicts of interest, maintain scheme-wise segregation and ring-fencing of assets and accounts, and take investment decisions solely in line with stated objectives. Fund managers and dealers must act with high ethical standards, transact with associates only on arm's-length terms consistent with best execution, record communications and investment decisions, and are prohibited from manipulative or market-disrupting practices.