Regulation 5 Conflicts of interestI1

that P identifies any actual or potential conflict of interest or any business relationship that may influence P in the preparation of research, advice or voting recommendations; and

that such a conflict of interest or business relationship is identified without delay after the time at which it arises.

disclose that fact to P's clients together with particulars of the conflict of interest or business relationship concerned; and

give P's clients a statement of the action P has undertaken to eliminate, mitigate or manage the conflict of interest or business relationship concerned.