Hedge Fund managers should conduct themselves in a manner which a reasonable market participant would deem prudent, honest and reputable.

Different jurisdictions will have different laws and regulations relevant to the market conduct of Hedge Fund managers although, within the European Economic Area, Hedge Fund managers will be commonly subject to local law and regulation implementing the provisions of the Market Abuse Directive. Hedge Fund managers should ensure that they understand the implications of such regulation. Many of these laws and regulations may be complex and their application may be obscure. Managers should seek advice from relevant professionals where they are uncertain about their application.