6(1)A Commissioner must avoid a situation in which the Commissioner has, or may have, a direct or indirect interest that conflicts, or may conflict, with the interests of the Commission.S
(2)Sub-paragraph (1) applies in particular to the exploitation of any property, information or opportunity (and it is immaterial whether the Commission could take advantage of the property, information or opportunity).
(3)The duty under sub-paragraph (1) is not infringed—
(a)if the situation cannot reasonably be regarded as likely to give rise to a conflict of interest, or
(b)if the matter giving rise to a situation under sub-paragraph (1) has been authorised by the Commission.
(4)Authorisation by the Commission is effective only if—
(a)any requirement as to the quorum at the meeting at which the matter is considered is met without counting the Commissioner in question, and
(b)the matter was agreed to without the Commissioner voting or would have been agreed to if the Commissioner's vote had not been counted.
7(1)A Commissioner must not accept a benefit from a third party conferred by reason of the Commissioner—S
(a)being a Commissioner, or
(b)doing (or not doing) anything as Commissioner.
(2)A “third party” means a person other than the Commission or a person acting on behalf of the Commission.
(3)Benefits received by a Commissioner from a person by whom the Commissioner's services (as a Commissioner or otherwise) are provided to the Commission are not regarded as conferred by a third party.
(4)The duty under sub-paragraph (1) is not infringed if the acceptance of the benefit cannot reasonably be regarded as likely to give rise to a conflict of interest.
8(1)If a Commissioner is in any way, directly or indirectly, interested in a proposed transaction or arrangement with the Commission, the Commissioner must declare the nature and extent of that interest to the other Commissioners.S
(2)The declaration may (but need not) be made—
(a)at a meeting of the Commission, or
(b)by notice to the Commission.
(3)If a declaration of interest under this paragraph proves to be, or becomes, inaccurate or incomplete, a further declaration must be made.
(4)Any declaration required by this paragraph must be made before the Commission enters into the transaction or arrangement.
(5)This paragraph does not require a declaration of an interest of which the Commissioner is not aware. For this purpose, a Commissioner is treated as being aware of matters of which the Commissioner ought reasonably to be aware.
(6)A Commissioner need not declare an interest under sub-paragraph (1) if it cannot reasonably be regarded as likely to give rise to a conflict of interest.