Conflict of interest obligations require fiduciary disclosure and mitigation policies for alternative investment fund sponsors and managers. Conflict of interest obligations require that the Sponsor and Manager of an Alternative Investment Fund act in a fiduciary capacity toward investors and disclose all actual or potential conflicts. The Manager must adopt written policies and procedures to identify, monitor and mitigate conflicts, and Sponsors and Managers must abide by high-level principles on avoidance of conflicts with associated persons as specified by the Board.