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The general duty to comply with all relevant legal, regulatory and professional requirements

6.1 Principle 4 of the Code provides that:

Members must comply with all relevant legal, regulatory and professional requirements”.

6.2 This includes any rules governing matters in the area in which a Member is practising, for example, pensions or financial markets legislation, as well as standards imposed by regulators which regulate the Member or their work. It also includes compliance with other relevant legislation, such as equality and diversity legislation applicable to the Member.


Keeping up to date

6.3 To be able to comply with their obligations under the ‘Compliance’ principle, Members need to be aware of, and understand, the relevant laws and regulations which apply to the work they are undertaking, and ensure that they keep abreast of any changes or developments to those laws and regulations.

Working internationally

6.4 It is important to bear in mind that the relevant legal, regulatory and professional requirements will not necessarily always be those that apply in the geographic location where the Member carries out their work, for example, where a Member works remotely but carries out work for an entity in another country. The IFoA’s Actuarial Profession Standard (APS) APS X1: Applying Standards to Actuarial Work[1], sets out how to determine which standards are applicable to actuarial work. Guidance for Members to assist them in determining which standards to apply is contained in the accompanying guide which can be found on the IFoA’s website.[2]


What if legal or regulatory obligations conflict with professional duties?

6.5 As stated earlier in this Guidance, from time to time certain situations might arise in which the legal requirements with which a Member is obliged to comply, appear, on the face of it, to be at odds with one or more of the principles of the Code. Where such a situation arises, the Code makes it clear that legal requirements will take precedence and the Member will not be treated as having breached the provisions of the Code if they are complying with an obligation under an applicable law.

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