Any Person acting as an advisor for a Collective Investment Scheme shall comply with the following: 1. To be licensed by the Authority to act as an Investment Advisor or a representative thereof. 2. Act in the conformity with the regulations and procedures governing the Collective Investment Scheme, which aims to achieve the Unit holders’ interests. 3. Exert Care of a Prudent Person to protect his own property when giving investment advice. 4. Maintain regular records according to the accounting systems related to the Collective Investment Schemes. He shall submit periodic reports to the Authority, as requested and in accordance with its issued regulations.