1. A data reporting services provider shall operate and maintain effective administrative arrangements, designed to prevent conflicts of interest with clients using its services to meet their regulatory obligations and other entities purchasing data from data reporting services providers. Such arrangements shall include policies and procedures for identifying, managing and disclosing existing and potential conflicts of interest and shall contain:

(a) an inventory of existing and potential conflicts of interest, setting out their description, identification, prevention, management and disclosure;

(b) the separation of duties and business functions within the data reporting services provider including:

(i) measures to prevent or control the exchange of information where a risk of conflicts of interest may arise;

(ii) the separate supervision of relevant persons whose main functions involve interests that are potentially in conflict with those of a client;

(c) a description of the fee policy for determining fees charged by the data reporting services provider and undertakings to which the data reporting services provider has close links;

(d) a description of the remuneration policy for the members of the management body and senior management;

(e) the rules regarding the acceptance of money, gifts or favours by staff of the data reporting services provider and its management body.