Rules of conduct
Because of their special duties as trustees, asset managers and funds are subject to strict regulations. In addition to the statutory requirements, a code of conduct jointly developed by BVI and its members has applied to the fund industry since 2003. The principle of 'comply or explain' applies to these standards: asset managers apply them voluntarily, but must inform their investors whether and to what extent they comply with the conduct of business rules. If they deviate from the standards, they must disclose and justify this.