# The Proxy Advisors (Shareholders' Rights) Regulations 2019, Regulation 5: Conflicts of interest

Extent: E+W+S+N.I.

(1) A proxy advisor (“P”) must take all appropriate steps to ensure—
(a) 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
(b) that such a conflict of interest or business relationship is identified without delay after the time at which it arises.
(2) Where P has identified an actual or potential conflict of interest or a business relationship of the kind specified in paragraph (1), P must, without delay—
(a) disclose that fact to P's clients together with particulars of the conflict of interest or business relationship concerned; and
(b) 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.

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Source: https://www.legislation.gov.uk/uksi/2019/926/regulation/5 (the official version)
Page: https://openlegislation.uk/proxy-advisors-shareholders-rights-regulations-2019/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.