159.This section sets out the general duties of the competent authority.  Subsection (1) sets out a number of principles to which the competent authority must have regard in discharging its general functions (as defined in subsection (2)).
160.Subsection (1) is similar to section 2(3).  The requirements of subsection (1) are intended to act as constraints on the way the competent authority carries out its functions under Part VI.  Unlike section 2(3), this section does not have a principle relating to the responsibilities of senior management.  This is because the competent authority is not responsible for the conduct of business or the prudential regulation of listed companies.
Commentary on Sections Part Vi: Official Listing Section 73: General duty of the competent authority