ECB publishes revised Ethics Framework and new Code of Conduct for Supervisory Board members to reflect supervisory tasks
- Revised framework applying to all ECB staff to enter into force on 1 January 2015:
- it includes strengthened rules to avoid conflicts of interest
- it provides for a Compliance and Governance Office to advise ECB staff on ethical issues
- ECB also publishes the new Code of Conduct for members of Supervisory Board
The European Central Bank (ECB) has today published a revised Ethics Framework for all ECB staff. The revision became necessary to reflect new tasks in banking supervision. It fulfils the requirements of the SSM Regulation (Article 19(3) of Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions.), which calls for a Code of Conduct for ECB staff involved in banking supervision.
The revised framework will enter into force on 1 January 2015. It strengthens the rules on avoiding conflicts of interest, as well as the rules governing gifts and hospitality, private financial transactions and professional secrecy. It also establishes a Compliance and Governance Office (CGO), which will advise ECB staff and monitor compliance.
In parallel, the ECB has also published the Code of Conduct for members of the Supervisory Board of the ECB. This code lays down rules on avoiding conflicts of interest, including provisions on cooling-off periods and the acceptance of invitations, as well as rules regarding activities undertaken in a personal capacity.
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