(39)To ensure their independence and safeguard high standards of transparency and ethical conduct, external reviewers should comply with organisational requirements and rules of conduct to mitigate and avoid situations of actual or potential conflict of interest or manage those conflicts adequately when they are unavoidable. External reviewers should not be entitled to conduct an external review in the case of a conflict of interest that cannot be properly addressed. External reviewers should therefore disclose any conflicts of interest in a transparent manner in the external reviews. They should keep records of all significant threats to their independence as well as to the independence of their employees, main shareholders or any other persons involved in the external review process, and records of the safeguards applied to mitigate those threats.