Activity 1: Apply relevant industry codes of practice and prepare report on case matter 1. This activity requires you to apply relevant industry codes of practice and prepare report on case matter 1. When preparing the report, you must: Access source documents for regulations relevant to provision of financial products and services. Interpret implications of industry codes of practice. The report must address the following based on industry codes of practice: Two (2) duty of care considerations that the FSP should have displayed to assessment applicant's capacity. Compliance issue identified in relation to duty of care principles. Reasons why ASIC requires AFS Licensees to nominate Responsible Officers. Qualifications required to fulfil obligations of responsible officer. Determine compliance issues relating to disclosure of capacity criteria. How poor record keeping may contribute to issues raised in an FS71 auditor statement in relation to subsection 990K -2- of the Corporations Act? Statutory AFS record keeping requirements