Code of conduct requirements govern managing general agents' functions, duties, and delegated authority under the regulatory framework. A managing general agent must perform its functions and duties, and exercise its delegated authority, in strict adherence to the Code of Conduct and operational standards set out in Schedule II of the regulations. The provision imposes a compliance framework governing both the manner of performance and the use of delegated authority, making the schedule-based code of conduct an operative standard for management and conduct within the regulatory regime.