(1) An individual person who is an approved trustee of a registered scheme  shall within thirty days of becoming aware of a matter that gives rise or is likely to give rise 

(a) to a conflict of interest between the person's duties as a trustee of the scheme, and other duties of that person or the person's personal interest; or

(b) To the suspension or revocation by the Authority of the person's approval as a trustee in the case of an independent trustee shall disclose in writing the nature of the interest to persons who are approved trustees of the scheme.

(2) An officer of a company which is an approved trustee of a registered scheme  shall within thirty days of becoming aware of a matter that gives rise or is likely to give rise

(a) to a conflict of interest between the person's duties in relation to the scheme as an officer of the company and either the person's other duties as an officer of the company or the person's personal interests or

(b) to the suspension or revocation by the Authority of the company's approval as a trustee, if the officer is an independent director shall disclose in writing the nature of the interest to the company and to each of the other  officers of the company and, if the trustee includes individual persons, to each of them.

(3) An approved trustee who receives a disclosure under sub-regulation (2)  shall

(a) record the disclosure in a record book, and

(b) Make the record book available at reasonable hours for inspection by the Authority or a scheme member on request.

(4) The decision of an approved trustee shall not be invalidated if the approved trustee does not disclose its interest in a matter.

(5) This regulation does not apply to the interest of a person in a matter which arises by virtue of the fact that that person is a contributor to an occupational pension scheme or a provident fund scheme or a personal pension scheme.

(6) An approved trustee or an officer of a company who discloses the nature of  its interest in respect of a matter shall not, unless the other trustees agree, or in the case  of a  company unless the directors of the company agree that the approved trustee or  officer of the company

(a) be present during deliberation of the matter; or

(b) Take part in a decision in respect of the matter.

(7) For the purposes of this regulation, a person has a personal interest in a  matter if that person

(a) has obtained or can obtain, whether directly or indirectly, a pecuniary or other advantage; or

(b) has conferred or can confer a benefit on:

(i) a relative or friend; or

(ii) a body of which the person is a member or with which the  person has a close connection; or

(iii) Any other person to whom the person is under an obligation, whether legal or moral.