Ethics and Conflicts of interest

ESMA strives to ensure that its staff and governing bodies do not have any interests that could affect their impartiality and has put in place specific policies to deal with any potential conflicts of interests. These support the prompt identification and the consequent management of any actual or potential conflict of interests:

• Conflict of Interest Policy for ESMA’s governing bodies
• Conflict of interests and ethics policy – ESMA Staff

How is a conflict of interests defined?

A conflict of interests is defined as a conflict between the public duty of ESMA and any interests of an individual, interests of his/her close family members or of his/her employer, which could improperly influence the performance of his/her official duties and responsibilities, including the duty to act in the sole interest of the Union as a whole, or could compromise his/her impartiality, objectivity or independence.

ESMA’s Conflict of Interest Policy identifies different kinds of interests that should be reported to and assessed by ESMA. These range from economic interests, memberships, activities with employers (including the national competent authority), consultancy activities, intellectual property rights, interests of close family members and any other activities or situations which might create an actual or potential conflict of interests. Wherever a conflict of interests is identified appropriate measures must be taken to either remove it or mitigate it.

Before any meeting or after the launch of a written procedure, Members, their Alternates, non-voting participants as well as Observers participating in the Board of Supervisors, the Management Board and CCP Supervisory Committee meeting and any representative from a relevant national authority have to declare the existence of any interest which might be considered prejudicial to their independence in relation to any item of the agenda.