Part 1.2 of the ECB Staff Rules containing the rules on professional conduct and professional secrecy
Date: 2001-08-22
Institutions: European Central Bank
Subjects: European Central Bank, professional ethics, professional secret, rules of procedure

22.8.2001

EN

Official Journal of the European Communities

C 236/13

EUROPEAN CENTRAL BANK

Part 1.2 of the ECB Staff Rules containing the rules on professional conduct and professional
secrecy

(This text cancels and replaces the text published in Official Journal C 76 of 8 March 2001, p. 15)

(2001/C 236/08)

1.2. Professional conduct and professional secrecy

The provisions of Articles 4(b), 4(c), 4(f) and 5(b) of the
conditions of employment are applied as follows:

1.2.1. The Executive Board shall appoint an Ethics
Adviser. The role of the Ethics Adviser shall be
to provide guidance in relation to all aspects of
professional conduct and professional secrecy. The
Ethics Adviser
a
trading
consistent
rules of the ECB. Without prejudice to such obli-
gation,
interpre-
the Ethics Adviser shall adopt
tative ethical criteria. The Ethics Adviser shall
perform his/her role under an obligation of strict
confidentiality.

shall
interpretation of

in particular

the insider

ensure

1.2.2.

(cid:145)Remuneration,
any
financial benefit and/or any non-financial benefit.

rewards or gifts(cid:146) means

1.2.3. A member of staff who is invited to attend an
event in his/her official capacity may not accept
a fee of any kind.

1.2.4. Normal hospitality and token gifts may be

accepted to avoid causing offence.

1.2.5. Where there is any doubt, a member of staff shall
obtain the approval of his/her Director-General/
Director before accepting any gift or hospitality
or, where this is not possible, report to him/her
immediately any gift or hospitality received.

1.2.6. Without

the prior permission of

the Executive
Board, members of staff shall not publish any
work or articles or give any lectures relating to
the ECB or its activities.

1.2.7. In view of the position held by the ECB and the
general economic and financial importance of the
issues with which it deals, members of staff shall
maintain
concerning
information relating to issues dealt with by the
ECB.

professional

secrecy

1.2.8. Information relating to issues dealt with by the
ECB (inside information) shall mean information
which is known to a member of staff, which

relates to the administration of
the ECB or to
transactions of any kind (including proposed
in connection with
transactions), which arises
the objectives and tasks of
the ECB, which is
confidential or which is or might be perceived
as being relevant to decisions to be made by the
Inside information relating to issues dealt
ECB.
with by the ECB can comprise a broad range of
information and may originate from any country
or business area within the ECB. Therefore, the
following items are examples only and this is
not to be considered as an exhaustive list:

(cid:151) changes in the monetary or exchange rate
policies of the Eurosystem or of other central
banks internationally,

(cid:151) movements in monthly monetary aggregates,
balance of payment data or foreign currency
reserves
other market-sensitive
economic or financial data,

any

or

(cid:151) impending regulatory changes,

(cid:151) market-sensitive

to
discussions and negotiations in international
forums,

information

related

(cid:151) internal administrative decisions taken by the

ECB.

The disclosure of information in the regular course
of employment does not constitute a breach of
these rules.

1.2.9. Members of

staff are prohibited from using,
whether directly or indirectly via third parties,
inside information to which they have access,
irrespective of whether such information is used
in any kind of private
transaction
conducted at their own risk and for their own
account, or at the risk and for the account of
third parties. The term (cid:145)third party(cid:146) shall include,
but is not limited to, spouses, recognised partners,
parents,
family members,
other
children,
colleagues, and legal persons.

financial

C 236/14

EN

Official Journal of the European Communities

22.8.2001

1.2.10. Members of staff are specifically prohibited from
taking advantage, whether directly or indirectly via
third parties, of their position and functions at the
ECB or of inside information to which they have
access by acquiring or disposing of, whether at
their own risk and for their own account, or at
the risk and for the account of a third party as
defined in Article 1.2.9, any assets
(including
transferable securities, foreign currency and gold)
rights under derivative
or
contracts or closely related financial instruments)
to which that information is closely related. This
financial
prohibition applies
(investment)
not
but
limited to the following:

to any kind of

transactions,

(including

including

rights

(cid:151) investment

in

(shares,

securities

bonds,
warrants, options,
any other
securities in the broadest sense of the term,
as well as contracts to subscribe to, acquire
or dispose of such securities),

futures or

(cid:151) index contracts based on such securities,

(cid:151) interest rate transactions,

(cid:151) foreign exchange transactions,

(cid:151) commodity transactions.

1.2.11. Short-term trading (i.e. a combination of buying
and selling within a period of one month)
for
speculative purposes in any assets (including trans-
ferable securities, foreign currency, and gold) or
rights
derivatives
rights
contracts or closely related financial instruments)
is prohibited unless the member of staff concerned
is able objectively to demonstrate the non-specu-
lative nature of and the need for such trading.

(including

under

the technical

1.2.12. Members of staff shall be prohibited from using
infrastructure
any component of
dedicated to the financial operations of the ESCB
when conducting any personal
trans-
actions at
their own
their own risk and for
account or at the risk and for the account of
third parties as defined in Article 1.2.9.

financial

The term (cid:145)technical
infrastructure dedicated to
financial operations of the ESCB(cid:146) shall encompass
the Bosch dealing telephones,
the telex system,
connections with agencies or wire services such
as Bloomberg
EBS,
FinanceKIT and SWIFT, as well as any subsequent
replacements thereof.

and Reuters, TOP, BI,

Moreover,
the use of mobile telephones in the
Front Office Division’s part of the Market Room
and in the Own Funds Management premises shall

be prohibited, except as an emergency measure in
accordance with ECB contingency procedures.

1.2.13. Members of staff who, by virtue of the exercise of
their employment, profession or duties, have
regular access to inside information concerning
the financial operations of
the ESCB, and are
identified in accordance with Article 1.2.14, shall
refrain from conducting on the same day as an
ESCB transaction, whether directly or indirectly,
any transactions
(including
transferable securities, foreign currency, and gold)
or
(including rights under derivatives
contracts or closely related financial instruments)
that are similar to those traded on that day by the
ESCB, whether at their own risk and for their own
account, or at the risk and for the account of third
parties as defined in Article 1.2.9.

concerning assets

rights

1.2.14. The

shall

determine

Executive Board

those
members of staff who, by virtue of the exercise
their employment, profession or duties, are
of
inside
deemed
to
or
information
exchange
the
financial operations of the ESCB. Such a decision
by the Executive Board shall automatically become
part of the Staff Rules.

have
concerning
rate policies of

the monetary
the ECB or

regular

access

to

Those members of staff shall provide the ECB’s
External Auditor with the information hereafter
on a confidential basis. This information shall be
provided to the ECB’s External Auditor by each
individual member of
staff on a semi-annual
basis and shall include the following:

(cid:151) a list of his/her bank accounts,

including
custody accounts and accounts with stock-
brokers,

(cid:151) a list of any powers of attorney which third
in
accounts,

parties have
connection with
including custody accounts,

conferred upon him/her

bank

their

(cid:151) his/her general directives or guidelines to third
parties to whom responsibility for managing
his/her
been
delegated (1).

investment

portfolio

has

In the same context, those members of staff shall
provide the ECB’s External Auditor additionally at
the latter’s request with the following documen-
tation:

(1) Members of staff identified in accordance with Article 1.2.14 may
wish to consider
the
management of their investment portfolios to third parties, such
as (cid:145)blind trusts(cid:146), mutual funds, etc.

the opportunity

to delegate

taking

22.8.2001

EN

Official Journal of the European Communities

C 236/15

or

(cid:151) any sale or purchase of assets (including trans-
ferable securities, foreign currency, and gold)
or rights (including rights under derivatives
contracts
financial
instruments) conducted by the member of
staff at his/her own risk and for his/her own
account, or conducted by him/her at the risk
and for the account of third parties as defined
in Article 1.2.9,

closely

related

(cid:151) statements of bank accounts, including custody
accounts and accounts with stockbrokers; the
conclusion or the amendment of mortgages or
other loans at his/her own risk and for his/her
own account, or by him/her at the risk and for
the account of
third parties as defined in
Article 1.2.9,

(cid:151) his/her dealings in relation to retirement plans,

including the ECB retirement plan.

information provided to the ECB’s External
All
Auditor shall remain confidential.
In derogation
from the abovementioned rule, a report by the
ECB’s External Auditor to the ECB’s Directorate
Internal Audit for the further investigation of a
specific case in accordance with Article 1.2.16
shall contain the information received from the
member of staff concerned.

1.2.15. In the event that the ECB’s External Auditor has
reasonable grounds to believe that the abovemen-
including the advice and interpre-
tioned rules,
tative
rules developed by the Ethics
ethical
Adviser have not been respected, he/she shall
have the right to ask any of the ECB’s members
of staff to provide him/her with full information
thereon. The member of staff concerned shall
information on a confidential basis
provide full
to the ECB’s External Auditor at
the latter’s
reasoned request regarding the following:

(cid:151) all his/her bank accounts,

including custody

accounts and accounts with stockbrokers,

(cid:151) all his/her investment transactions concerning
assets (including transferable securities, foreign
currency, and gold) or rights (including rights
under derivatives contracts or closely related
financial
has
performed at his/her own risk and for his/her
own account, or at
the
account of third parties as defined in Article
1.2.9, during the period indicated by the ECB’s
External Auditor,

the risk and for

instruments)

he/she

that

(cid:151) his/her dealings in relation to retirement plans

including the ECB retirement plan,

(cid:151) a list of any powers of attorney which third
parties have conferred upon members of staff

in connection with their bank accounts,
including custody accounts.

The information provided to the ECB’s External
In derogation
Auditor shall remain confidential.
to the abovementioned rule, a report by the
ECB’s External Auditor to the ECB’s Directorate
Internal Audit for the further investigation of a
specific case in accordance with Article 1.2.16
shall contain the information received from the
member of staff concerned.

further

1.2.16. The ECB’s External Auditor shall report any cases
of non-compliance with the abovementioned rules
to the ECB’s Directorate Internal Audit, which
investigate compliance with these
shall
rules. Private financial activities carried out
in
full conformity with the advice and interpretative
ethical rules developed by the Ethics Adviser shall
not give rise to such a report by the ECB’s
External Auditor. The ECB’s External Auditor
shall be informed in full and immediately of
such advice
rules
and interpretative
developed by the Ethics Adviser. The member of
staff concerned shall be informed of such a report
by the ECB’s External Auditor, and he/she shall
have the right
to make his/her views on this
report known to the ECB’s Directorate Internal
Audit.

ethical

A report prepared by the ECB’s External Auditor,
including the information therein supplied by the
member of staff concerned, may be used in a
disciplinary procedure as set out in Part 8 of the
the
conditions of employment
European Central Bank and,
extent
in any prosecution
required by applicable law,
by external authorities regarding alleged violations
of national criminal laws.

for the staff of
to the

1.2.17. A member of staff with any questions on the
application of these rules (e.g. whether a private
financial transaction he/she may be contemplating
would involve a misuse of
inside information)
should discuss
the matter with the Ethics
Adviser. The conduct of private financial trans-
actions
fully in conformity with the
advice and interpretative ethical rules developed
by the Ethics Adviser shall not give rise to a disci-
plinary procedure for non-compliance by the
member of staff with his/her obligations. Such
advice shall, however, not release the member of
staff from his/her external liability.

that

is

1.2.18. The obligations of members of staff provided for
in Articles 1.2.14 to 1.2.15 shall continue to apply
beyond the termination of their employment with
the ECB for six months following such termi-
nation. The
information by the
for
External Auditor shall refer to a period ending
one month afther the termination of employment.

request