(1) An investment firm shall take all appropriate steps to identify and prevent or manage conflicts of interest that arise in the course of providing any investment services or ancillary services, or a combination thereof, including (but not limited to) those caused by the receipt of inducements from third parties or by the investment firm's own remuneration and other incentive structures -

(a) within the investment firm,

(b) between the investment firm and any person, including (but not limited to) -

(i) its managers, employees and tied agents,

(ii) one or more persons directly or indirectly linked to the investment firm by control, or

(iii) the clients of the investment firm,

or

(c) between a client of the investment firm and one or more of the other clients of the investment firm.