Intermediary conduct obligations require investor protection, fair disclosure, conflict management, market integrity, governance, records, and operational safeguards.

Securities intermediaries must protect investors' interests, provide advice suited to client needs, market environment and professional skills, and maintain high standards of integrity, dignity, fairness, ethics and professionalism. They must exercise due skill, diligence, independent professional judgment and appropriate supervision over persons employed or appointed, and must not collude with other intermediaries to investors' detriment. Clients and investors must receive adequate, comprehensible and timely disclosure to make balanced, informed decisions. Information must not be misleading or misrepresented, and confidential client or investor information cannot be disclosed without prior permission, except where law requires disclosure.

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