(15)Conflicts of interest can arise between the CTP, on the one hand, and data contributors or data users, on the other hand. Those conflicts may arise in particular where the CTP is engaged in other activities, including acting as a market operator, investment firm, or trade repository. As part of its corporate governance, an applicant for authorisation as a CTP should prove to ESMA that it has established frameworks that are appropriate to identify, prevent, and manage existing and potential conflicts of interest, including by preparing an inventory of conflicts of interest and implementing policies and procedures that are appropriate to manage those conflicts and, where necessary, by separating business functions and personnel to limit the flow of sensitive information between different business areas of the CTP.