July 19 (Bloomberg) -- Britain's Tate, whose Tate Modern museum draws 4 million visitors a year, said it will give up some autonomy to a regulator and start disclosing the cost of buying art after being rebuked by the Charity Commission.
The Tate exceeded its legal powers when it purchased a work from Chris Ofili while the artist was a member of the board, the commission said. There were ``serious shortcomings in the processes for managing conflicts of interest and inadequate recording of decision-making,'' it said in a statement."
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