In relation to conflicts of interest and Related Person transactions, the policy must:
(a) set out adequate procedures for handling conflicts of interest relating to the provision and management of credit, including measures to prevent any Person directly or indirectly benefiting from the credit being part of the process of granting or managing the credit;
(b) subject to Rule 4.4.5, prohibit Exposures to Related Persons on terms that are more favourable than those available to Persons who are not Related Persons; and
(c) if Exposures to Related Persons are allowed on terms which are no more favourable than those available to Persons who are not Related Persons, set out procedures that:
(i) require such Exposures, and any write-off of such Exposures, exceeding specific amounts or otherwise posing special risks to the Authorised Person, to be made subject to the prior written approval of the firm's Governing Body or the Governing Body's delegate; and
(ii) exclude Persons directly or indirectly benefiting from the grant or write off of such Exposures being part of the approval process.