Part 1.2 of the ECB Staff Rules containing the rules on professional conduct and professional secrecy
Date: 2004-04-16
Institutions: European Central Bank
Subjects: European Central Bank, professional ethics, professional secret, rules of procedure, staff

16.4.2004

EN

Official Journal of the European Union

C 92/31

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 236 of 22 August 2001, p. 13)

(2004/C 92/06)

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:

shall

1.2.1. The Executive Board shall appoint an Ethics
Adviser. The
provide
Ethics Adviser
guidance on all aspects of professional conduct
and professional secrecy. Without prejudice to
such obligation, the Ethics Adviser shall provide
advice and adopt
interpretative ethical criteria.
The Ethics Adviser shall be subject to an obli-
strict confidentiality in performing
gation of
and interpretative
advice
his/her duties. The
ethical criteria shall be published in a generalised
format on the ECB's intranet.

rules.

interpretation of
The

in particular ensure a
The Ethics Adviser shall
insider
consistent
trading
shall
immediately inform the ECB's External Auditor
the advice and interpretative ethical
in full of
criteria developed concerning the insider trading
rules.

the ECB's
Adviser

Ethics

1.2.2.

any
‘Remuneration,
financial benefit and/or any non-financial benefit.

rewards or gifts’ 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.

1.2.7. 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;
(i) which is known to a member of staff; and (ii)
which relates to the administration of the ECB or
to transactions of any kind (including proposed
arising in connection with the
transactions)
the objectives and tasks of
implementation of
the ECB; and (iii) which is confidential; or (iv)
which is or might be perceived as being
relevant
to decisions to be made by the ECB.
Inside information relating to issues dealt with
by the ECB can comprise a broad range of
information
from any
country or business
area within the ECB.
Therefore, the following items are examples only
and shall not be exhaustive:

and may

originate

— changes in the monetary or exchange rate
the Eurosystem or of other

policies of
central banks internationally,

— movements in monthly monetary aggregates,
balance of payment data or foreign currency
other market-sensitive
reserves
economic or financial data,

any

or

1.2.4. Normal hospitality and token gifts may be

— impending regulatory changes,

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.

— market-sensitive

to
discussions and negotiations in international
for a,

information

related

— 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.

C 92/32

EN

Official Journal of the European Union

16.4.2004

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
transaction
in any kind of private
conducted at their own risk and for their own
account, or at the risk and for the account of
third parties. The term ‘third party’ shall include,
but is not limited to, spouses, recognised partners,
family members,
other
children,
parents,
colleagues, and legal persons.

financial

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)
or
rights under derivative
contracts or closely related financial instruments)
to which that information is closely related. This
financial
prohibition applies
(investment)
but not
limited to the following:

to any kind of

transactions,

(including

including

rights

— 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

— index contracts based on such securities,

— interest rate transactions,

— foreign exchange transactions,

— commodity transactions.

securities,

in any assets

1.2.11. Short-term trading (i.e. a combination of buying
and selling within a period of one month) for
(including
speculative purposes
transferable
and
gold) or rights (including rights under derivatives
contracts or closely related financial instruments)
staff
is prohibited unless
concerned is able objectively to demonstrate the
non-speculative nature of and the rationale for
such trading.

foreign currency,

the member of

1.2.12. Members of staff shall be prohibited from using
infrastructure
the
financial

any component of
dedicated to the financial operations of
ESCB when conducting any personal

the technical

transactions 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.

of

the

infrastructure dedicated to
The term ‘technical
shall
operations
financial
encompass
the
the Bosch dealing telephones,
telex system, connections with agencies or wire
services such as Bloomberg and Reuters, TOP,
BI, EBS, FinanceKIT and S.W.I.F.T., as well as
any subsequent replacements thereof.

ESCB’

Moreover, the use of mobile telephones in the
Market Room and in the premises of the Back
Office and the Investment Division shall be
prohibited, except as an emergency measure in
accordance with ECB contingency procedures.

1.2.13. The Executive Board shall determine

the

shall

ESCB.

those
members of staff who, by virtue of the exercise
of their employment, profession or duties, have
information concerning the
access
to inside
financial operations of
Such a
decision by the Executive Board shall auto-
matically become part of the Staff Rules. Any
such members of
refrain from
staff
conducting on the same day as an ESCB trans-
action, whether directly or indirectly, any trans-
actions concerning assets (including transferable
securities, foreign currency, and gold) or rights
(including rights under derivatives contracts or
that have
closely related financial
issuer
the same generic characteristics (currency,
and similar maturity) as 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.

instruments)

1.2.14. The Executive Board shall determine

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

the monetary or

exchange

Those members of staff shall, at the request of the
Director General Administration provide
the
following information:

— a list of his/her bank accounts,

including
custody accounts and accounts with stock
brokers,

16.4.2004

EN

Official Journal of the European Union

C 92/33

— a list of any powers of attorney which third
in
accounts,

parties have
connection with
including custody accounts,

conferred upon him/her

bank

their

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

investment

portfolio

has

shall at

Those members of
their own
staff
initiative and without delay provide details of
any changes
to the information above. The
information and any updates shall be provided
in sealed envelopes and kept in the custody of
the Director General Administration, who shall
the
pass it
latter's request.

to the ECB's External Auditor at

request of

the annual

At
the ECB's External
Auditor, those members of staff shall in addition
provide the following documentation for a period
of six consecutive months, as specified in the
annual request:

or

— any sale or purchase of assets (including trans-
ferable securities, foreign currency, and gold)
or rights (including rights under derivatives
financial
contracts
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

— statements

of

bank

accounts,

including
custody accounts and accounts with stock
brokers; 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,

— his/her dealings

in relation to retirement

plans, including the ECB retirement plan.

and kept

custody of

information shall be provided in sealed
All
envelopes
the
in the
Director General Administration, who shall pass
on the information to the ECB's External Auditor
at the latter's request. All information received by
the ECB's External Auditor shall remain confi-
dential. In derogation from the abovementioned

(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 ‘blind trusts’, mutual funds, etc.

the opportunity

to delegate

taking

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
the above-
reasonable grounds to believe that
mentioned rules, including the advice and inter-
pretative ethical rules developed by the Ethics
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:

— all his/her bank accounts,

conclusion

including custody
accounts and accounts with stock brokers;
of
the
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,

amendment

the

or

— 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 risk and for
the account of
third parties as defined in
Article 1.2.9, during the period indicated by
the ECB's External Auditor,

instruments)

he/she

that

— his/her dealings in relation to retirement plans

including the ECB retirement plan,

— 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 shall be provided in sealed
envelopes via the Director General Administration
information
to the ECB's External Auditor. All
received by the ECB's External Auditor
shall
remain confidential. In derogation to the above-
mentioned 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.

C 92/34

EN

Official Journal of the European Union

16.4.2004

1.2.16. The ECB's External Auditor shall report any cases
of non-compliance with the above-mentioned
rules to the ECB's Directorate Internal Audit,
which shall further investigate compliance with
these rules. Private financial activities carried out
in full conformity with the advice and interpre-
tative
rules developed by the Ethics
Adviser shall not give rise to such a report by
the ECB's External Auditor. 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 the report to
the ECB's External Auditor.

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 Conditions of Employment for the Staff of
to the extent
the European Central Bank and,
required by applicable law,
in any prosecution
by external authorities regarding alleged violations
of national criminal laws.

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)
the matter with the Ethics
should discuss
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
disciplinary procedure for non-compliance by
the member of staff with his/her obligations.
Such advice
the
shall, however, not
member of staff from his/her external liability.

release

that

is

beyond

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

termination

the

of