(l) The Fund Administrator shall be considered to have a conflict of interest for the purposes of these Regulations, where he or she, or anyone in his or her immediate family has or acquires any pecuniary or other personal interest with respect to any Fund project.
(2) Where at any time the Fund Administrator has a conflict of interest in relation to any matter with respect to the Fund, the Fund Administrator shall immediately disclose the conflict of interest to the Commission and refrain from taking part, or any further part, in the matter.
(3) In the instances described in subregulation (2), the Commission may appoint a temporary or interim person to carry out the functions of Fund Administrator in relation to the relevant Fund project.
(4) Upon the Commission becoming aware of any conflict of interest, it shall take steps to ensure that the Fund Administrator does not participate in any decisions and actions relative to the matter giving rise to the conflict, and to modify its procedures accordingly with respect to that matter.