Investor protection and market integrity require intermediaries to ensure fair disclosures, prevent conflicts, and maintain robust compliance controls.

Intermediaries must protect investor interests through client-specific advice, high standards of professional conduct, due diligence, prompt disbursal of client income, and prior notice of fee increases. They must make timely, comprehensible and non-misleading disclosures, preserve confidentiality except where legally required, avoid and disclose conflicts of interest, and prevent insider trading. Corporate governance, record preservation, market-integrity controls, regulatory cooperation, client notifications of material adverse changes, and adequate internal controls and infrastructure are required. Intermediaries performing other registered activities must maintain arm's-length separation and retrievable records.

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