17A.—(1) A regulated financial service provider shall comply with any standards prescribed by the Bank under subsection (2) (in this section referred to as the "business standards").

(2) The Bank may make regulations prescribing standards for the purpose of ensuring that in the conduct of its affairs a regulated financial service provider—

(a) acts in the best interests of customers and of the integrity of the market,

(b) acts honestly, fairly and professionally, and

(c) acts with due skill, care and diligence.

(3) The business standards shall, in particular, include standards requiring that in the conduct of its affairs the regulated financial service provider—

(a) does not mislead a customer as to the advantages or disadvantages of any financial service,

(b) maintains adequate financial resources,

(c) controls and manages its affairs and systems (including risk management systems, internal control mechanisms and governance arrangements) sustainably, responsibly, and in a sound and prudent manner,

(d) prevents, or identifies and appropriately manages, conflicts of interest,

(e) arranges adequate protection for assets held by the regulated financial service provider on behalf of a customer,

(f) engages and 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, and

(g) discloses to the Bank promptly, and in a manner appropriate to the circumstances, any matter relating to the regulated financial service provider of which the Bank would reasonably expect notice.

(4) The Bank may prescribe in regulations under this section the systems and controls, processes, policies and procedures that regulated financial service providers are to adopt for the purpose of ensuring that they comply with the business standards.

(5) Before making regulations under this section, the Bank—

(a) shall consult with the Minister, and

(b) may consult with such other persons as the Bank considers appropriate in the circumstances.

(6) When making regulations under this section, the Bank shall have regard to the need to ensure that the business standards are effective and proportionate having regard to the nature, scale and complexity of the activities of regulated financial service providers or the class or classes of regulated financial service providers to whom the regulations apply.

(7) Regulations made under this section may—

(a) apply either generally or to a specified class or classes of regulated financial service providers, customers or financial services, and

(b) include different provisions in relation to different classes of regulated financial service providers, customers or financial services.

(8) The Bank shall give to the Minister a copy of any regulations made by it under this section as soon as practicable after the regulations are made.

(9) Sections 61C and 61D of the Act of 1942 apply to regulations made under this section.]