20The accountability obligations of an accountable entity

20 The accountability obligations of an accountable entity

The accountability obligations of an accountable entity are: (a) to take reasonable steps to conduct its business with honesty and integrity, and with due skill, care and diligence; and (b) to take reasonable steps to deal with the Regulator in an open, constructive and cooperative way; and (c) in conducting its business, to take reasonable steps to prevent matters from arising that would (or would be likely to) adversely affect the accountable entity’s prudential standing or prudential reputation; and (d) to take reasonable steps to ensure that each of its accountable persons meets their accountability obligations under section 21; and (e) to take reasonable steps to ensure that each of its significant related entities complies with each of paragraphs (a), (b), (c) and (d) as if the significant related entity were an accountable entity.

Note: See also section 22 (taking reasonable steps).