53E.—(1) The standards referred to in section 53C(1), in the case of a person who performs a controlled function in relation to a regulated financial service provider, are—

(a) that the person acts with honesty and integrity, including—

(i) having regard to the legitimate interests of the regulated financial service provider, its staff, customers and other persons with whom it engages,

(ii) operating without bias and preventing, or identifying and appropriately managing, conflicts of interest,

(iii) not exerting pressure or influence on a customer so as to limit his or her ability to make an informed choice in relation to any financial service,

(iv) not misusing or misappropriating any assets or information of the regulated financial service provider or its customers, and

(v) reporting appropriately, and not impeding others from reporting, to the management of the regulated financial service provider—

(I) information relevant to, or giving rise to a suspicion of, the commission of a prescribed contravention or contravention of any other legal obligation or standard imposed on the regulated financial service provider, and

(II) any matter otherwise adversely affecting the activities or interests of customers, the regulated financial service provider, its related undertakings, or the financial system in the State,

(b) that the person acts with due skill, care and diligence, including—

(i) having appropriate knowledge of the business activities of the regulated financial service provider relevant to the controlled function, and the associated risks of those activities,

(ii) having appropriate knowledge of the legal and regulatory framework, including any legal obligation or standard imposed on the regulated financial service provider, relevant to the controlled function,

(iii) operating in compliance with the systems and controls, processes, policies and procedures of the regulated financial service provider and any legal obligation or standard imposed on the regulated financial service provider,

(iv) acting without detriment to customers, the regulated financial service provider, its related undertakings, or the financial system in the State,

(v) ensuring that any communication, including any record, provided to a customer or other person is clear, accurate, up to date and not misleading,

(vi) acting appropriately in any decision-making, including collective decision-making, ensuring decisions are properly informed and exercising sound judgement, and

(vii) monitoring the performance of any delegated tasks and ensuring that those tasks are appropriately performed,

(c) that the person cooperates in good faith and without delay with the Bank, and with authorities that perform functions in a jurisdiction other than the State that are comparable to one or more of the functions performed by the Bank under financial services legislation, including—

(i) responding to requests and requirements under financial services legislation in an open and timely manner,

(ii) disclosing information or records when required to do so under financial services legislation,

(iii) attending meetings and interviews when required to do so under financial services legislation,

(iv) not providing false, inaccurate or misleading information, records or explanations,

(v) not destroying, hiding or putting beyond reach information or records that it is reasonable for the person to expect to be required to be disclosed under financial services legislation, and

(vi) not engaging in evasive, misleading or obstructive conduct,

(d) that the person acts in the best interests of customers and treats them fairly and professionally, including—

(i) ensuring that customers are informed in a clear manner of relevant information relating to financial services of which they ought to be aware, and not impeding the provision of relevant information to customers,

(ii) communicating with customers in a timely manner having regard to the urgency of any matter and the time required by the customer to consider the relevant information,

(iii) assessing the needs and circumstances of customers, including their level of knowledge and experience of financial services, their financial circumstances and the range of options available to them, and ensuring that any advice or recommendation provided to customers is appropriate and tailored to their needs and circumstances,

(iv) ensuring that customers are not misled as to the advantages of any financial service,

(v) acknowledging and seeking to resolve any complaints received from customers,

(vi) resolving errors or mistakes affecting customers, and disclosing errors or mistakes to the customers affected in a timely manner, and

(vii) not acting in a manner that is unfair to customers,

and

(e) that the person operates in compliance with standards of market conduct and trading venue rules to which the regulated financial service provider is subject by law and any market codes that apply to the affairs of the regulated financial service provider.

(2) Nothing referred to in a subparagraph of any paragraph of subsection (1), as included in that paragraph, limits the scope of that paragraph or any other paragraph of that subsection.

(3) In subsection (1), "related undertaking" has the meaning given by section 3 (1) of the Central Bank (Supervision and Enforcement) Act 2013.]