(1) Where a proxy advisor ("P") provides proxy advisor services in accordance with or by reference to a code of conduct, P must disclose to the public -

(a) a reference to the code of conduct, by means of which any person may readily view it;

(b) a report on the manner in which P has applied the code of conduct; and

(c) where P's practice is to depart from any of the recommendations contained in the code of conduct, a statement which specifies the recommendations concerned, explains the reason for departing from them, and indicates any measures adopted instead of them.

(2) Where P, in the provision of proxy advisor services, does not provide those services in accordance with or by reference to a code of conduct, P must provide a clear and reasoned explanation of P's reasons for not doing so.

(3) All information which P is required to disclose under paragraphs (1) and (2) must be -

(a) made available free of charge;

(b) published on P's website; and

(c) published for the first time no later than 21st June 2019.

(4) All information published by P in accordance with paragraph (3) must be updated -