(40)ESG rating providers should ensure that their employees and other persons involved in the rating process do not participate in, or otherwise influence, the determination of an ESG rating of any rated item if there is any evidence of self-review, self-interest, advocacy or familiarity stemming from financial, personal, business, employment or other relationships between those persons and the rated item or the issuer of a rated item as a result of which an objective, reasonable and informed third party, taking into account the safeguards applied, would conclude that those persons’ independence is compromised. If, during the period in which employees of ESG rating providers or other persons involved in the rating process are part of the assessment activities, a rated item or an issuer of a rated item merges with, or acquires, another entity, those persons should identify and evaluate any current or recent interests or relationships which, taking into account available safeguards, could compromise those persons’ independence and ability to continue being involved in the assessment activities after the effective date of the merger or acquisition.