1. Member States shall require AIFMs to take all reasonable steps to identify conflicts of interest that arise in the course of managing AIFs between:
(a) the AIFM, including its managers, employees or any person directly or indirectly linked to the AIFM by control, and the AIF managed by the AIFM or the investors in that AIF;
(b) the AIF or the investors in that AIF, and another AIF or the investors in that AIF;
(c) the AIF or the investors in that AIF, and another client of the AIFM;
(d) the AIF or the investors in that AIF, and a UCITS managed by the AIFM or the investors in that UCITS; or
(e) two clients of the AIFM.
AIFMs shall maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps designed to identify, prevent, manage and monitor conflicts of interest in order to prevent them from adversely affecting the interests of the AIFs and their investors.
AIFMs shall segregate, within their own operating environment, tasks