http://www.legislation.gov.uk/eur/2016/438/article/23/adoptedCommission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries (Text with EEA relevance)Commission Delegated Regulation (EU) 2016/438Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries (Text with EEA relevance)2020-12-12King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32016R0438texttext/xmlen CHAPTER 4 <Strong>INDEPENDENCE REQUIREMENTS AND FINAL PROVISIONS</Strong> (Article 25 of Directive 2009/65/EC)Conflicts of interest Article 23 Where a link or a group link exists between them, the management company or the investment company and the depositary, shall put in place policies and procedures ensuring that they: identify all conflicts of interest arising from that link; take all reasonable steps to avoid those conflicts of interest. Where a conflict of interest referred to in the first subparagraph cannot be avoided, the management company or the investment company and the depositary shall manage, monitor and disclose that conflict of interest in order to prevent adverse effects on the interests of the UCITS and of the investors of the UCITS.