Merchant banker conduct requires investor protection, diligence, conflict controls, disclosures, governance, and prohibitions on market abuse.

Merchant bankers must protect investor interests through integrity, due diligence, timely disclosures, truthful risk information, and effective handling of investor inquiries and grievances. They must avoid and disclose conflicts of interest, preserve client confidentiality, maintain arm's-length business activities, and refrain from misrepresentation and unfair competition. Internal controls, governance, supervision, compliance arrangements, and prompt reporting of material regulatory matters are required. Public investment advice requires disclosure of relevant interests, while false-market creation, manipulation, passing unpublished price-sensitive information, and insider trading are prohibited.

---

---

---