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5.—(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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