The class licensing scheme establishes minimum standards of efficiency, transparency, accountability and good governance, and only regulates critical areas. CMOs are free to make their own policies, as long as they are not inconsistent with the class licence conditions. Certain licence conditions also give CMOs flexibility in compliance, such as allowing CMOs to deviate from prescribed default standards so long as they obtain approval from their members to do so, or imposing only minimum and maximum limits within which CMOs remain free to operate.