49Conflicts of interest

49 Conflicts of interest (1) Before or at the time a licensee is retained by a client, the licensee must disclose to the client any actual or potential conflict of interest that the licensee has in relation to any transaction relevant to that client. (2) If, while acting for a client, an actual or potential conflict of interest arises in relation to any transaction relevant to the client, the licensee must immediately disclose that conflict of interest to the client. (3) A disclosure under subsection (1) or (2) must be in writing and in the prescribed form (if any). (4) For the purposes of this section, a licensee has a potential conflict of interest in respect of a transaction if the licensee or an associate of the licensee— (a) is acting, or will act, for more than one party to the transaction; or (b) is, or will be, a party to the transaction; or (c) pays or receives, or is to pay or receive, a commission in respect of the transaction. (5) In this section, ***commission***, in respect of a transaction, means any valuable consideration, whether in monetary form or some other form to which a monetary value may be assigned, received from, or paid to, a person who is not a party to the transaction.