Question 1: There are many rules and plenty of guidance related to market conduct. How can a firm ensure that it is not only meeting its regulatory obligations, but also observing industry best practice? Most firms take a three-step approach, the first stage of which is to have policies in place, outlining the regulations, staff responsibilities and obligations to ensure that these are met. One of these policies should relate to conflicts of interest. Taking into account the content of the above statement and writing with reference to a firm regulated in a jurisdiction and a sector of your choice, prepare a short paper which identifies two key areas of a business between which conflicts of interest might arise. Explain how these conflicts could be managed in practice, with reference to the organisation’s systems and controls, policies and procedures.