1. Issuers of asset-referenced tokens shall implement and maintain effective policies and procedures to identify, prevent, manage and disclose conflicts of interest between themselves and:

(a) their shareholders or members;

(b) any shareholder or member, whether direct or indirect, that has a qualifying holding in the issuers;

(c) the members of their management body;

(d) their employees;

(e) the holders of asset-referenced tokens; or

(f) any third party providing one of the functions as referred in Article 34(5), first subparagraph, point (h).

2. Issuers of asset-referenced tokens shall, in particular, take all appropriate steps to identify, prevent, manage and disclose conflicts of interest arising from the management and investment of the reserve of assets referred to in Article 36.