For the purposes of Article 9(2) of Regulation (EU) No 345/2013, the types of conflict of interest shall be situations where a manager of a qualifying venture capital fund, a person who effectively conducts the business of that manager, an employee, or any person who directly or indirectly controls or is controlled by that manager by another qualifying venture capital fund or a collective investment undertaking, including a UK UCITS (within the meaning given in section 237 of the Financial Services and Markets Act 2000), managed by the same manager, or the investor therein,

(a) is likely to make a financial gain, or avoid a financial loss, at the expense of the qualifying venture capital fund or its investors;

(b) has an interest in the outcome of a service or an activity provided to the qualifying venture capital fund or to its investors which is distinct from the interest of the qualifying venture capital fund or its investors;

(c) has an interest in the outcome of a transaction carried out on behalf of the qualifying venture capital fund or its investors which is distinct from the interest of the qualifying venture capital fund or its investors;

(d) has a financial or other incentive to favour:

- the interest of an investor, a group of investors or another collective investment undertaking, including a UK UCITS, over the interest of the qualifying venture capital fund or its investors;

- the interest of one investor in the qualifying venture capital fund over the interest of another investor or group of investors in that fund;