Ethics and Conflicts of interest
Independence and professional conduct are crucial for ensuring high standards of excellence for the work of ESMA. The Authority endeavours to operate in a clear and open manner and is mindful of its duty of transparency towards EU citizens.
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:
Who is concerned?
The Conflict of Interest Policy for ESMA’s governing bodies concern both the Members of the Board of Supervisors and of the Management Board including their officially nominated Alternates. The policy also applies to the non-voting Members such as the heads of the national Competent Authorities of Member States of the European Economic Area (EEA) and the representatives of the European Commission, the European Systemic Risk Board (ESRB), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) and Observers participating in the Board of Supervisors. Moreover, the Members of the CCP Supervisory Committee, as well as their officially nominated Alternates and Observers are within scope of the Conflict of Interest Policy.
All those subject to this policy are required to submit a “Declaration of Interests” which is assessed by ESMA and made publicly available on its website.
The Conflict of interests and ethics policy for staff applies to ESMA staff during their time at ESMA, as well as after.
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.
Professional conduct: the “declaration of intention”
Moreover, all those involved in the activities of ESMA are bound to professional secrecy and to confidentiality requirements pursuant to Article 70 of Regulation (EU) No 1095/2010.
Members of ESMA’s governing bodies have to confirm their compliance with these requirements in a “Declaration of Intention”. In the case of voting members of the Board of Supervisors, Management Board and their officially nominated alternates, this “Declaration of Intention” is also made public.
ESMA Senior Management
| Position | Member | Documents | |
|---|---|---|---|
 |
Chair | Verena ROSS | Declaration of Interests Confidentiality Undertaking |
|
Executive Director | Natasha CAZENAVE | Declaration of Interests Confidentiality Undertaking |
Information on ESMA former Senior Management
Steven Maijoor was appointed as ESMA Chair for two 5-year terms, with his second term running until 31 March 2021. As of 1 April 2021 he serves as a member of the Governing Board of De Nederlandsche Bank (DNB).
Verena Ross served as the Executive Director of ESMA for two 5-year terms, until 31 May 2021. As of 1 November 2021 she has been appointed as ESMA Chair, for a 5-year mandate.
Chair and Independent Members of the CCP Supervisory Committee
| Position | Member | Documents | |
|---|---|---|---|
| |
Chair – Voting member | Klaus LÖBER | Declaration of Interests Confidentiality Undertaking |
|
Independent Member – Voting member | Nicoletta GIUSTO | Declaration of Interests Confidentiality Undertaking |
|
Independent Member – Voting member | Froukelien WENDT | Declaration of Interests Confidentiality Undertaking |
ESMA Governing Bodies
Board of Supervisors
Members
Some Board of Supervisors Members also act as Management Board Members.
Non-Voting Members
| Country | Authority | Member/Alternate | Documents |
|---|---|---|---|
Iceland |
Central Bank of Iceland | Björk SIGURGÍSLADÓTTIR (Member) | Declaration of Interests |
| Linda KOLBRÚN BJÖRGVINSDÓTTIR (Alternate) | Declaration of Interests | ||
Liechtenstein |
Finanzmarktaufsicht (FMA) | ||
| Franz-Anton STEURER (Alternate) | Declaration of Interests | ||
Norway |
Finanstilsynet | Marte VOIE OPLAND (Member) | Declaration of Interests |
| Geir HOLEN (Alternate) | Declaration of Interests | ||
| EFTA Surveillance Authority | Stefan BARRIGA (Member) | Declaration of Interests | |
| Jonina SIGRUN LARUSDOTTIR (Alternate) | Declaration of Interests | ||
| European Commission | Martin MERLIN | Declaration of Interests | |
| European Systemic Risk Board (ESRB) | Francesco MAZZAFERRO | Declaration of Interests | |
| European Banking Authority (EBA) | François-Louis MICHAUD | Declaration of Interests | |
| European Insurance and Occupational Pensions Authority (EIOPA) | Fausto PARENTE | Declaration of Interests |
Members of the CCP Supervisory Committee
| Country | Authority | Member/Alternate | Conflict of Interests Policy declarations |
|---|---|---|---|
Germany |
Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin) | Holger Helms (Voting Member) Christina Grulke (Alternate) |
Declaration of Interests Declaration of Interests |
Greece |
Ελληνική Επιτροπή Κεφαλαιαγοράς (HCMC) | Katia Ntai (Voting Member) Nikolia Psychogyiou (Alternate) |
Declaration of Interests Declaration of Interests |
Spain |
Comisión Nacional del Mercado de Valores (CNMV) | Roberto Bermejo (Voting Member) Miguel Ángel Herrero Alvite (Alternate) |
Declaration of Interests Declaration of Interests |
France |
Banque de France (BdF) | Audrey Metzger (Voting Member) Bertille Delaveau (Alternate) |
Declaration of Interests Declaration of Interests |
| Autorité des Marchés Financiers (AMF) | Delphine Vandenbulcke (Voting Member) Patrice Aguesse (Alternate) |
Declaration of Interests Declaration of Interests |
|
| Autorité de contrôle prudentiel et de résolution (ACPR) |
Thomas Ros (Voting Member) Jean-Sébastien Cagnioncle (Alternate) |
Declaration of Interests Declaration of Interests |
|
Croatia |
Hrvatska agencija za nadzor financijskih usluga (HANFA) | Jurica Jednačak (Voting Member) Tajana Labudović (Alternate) |
Declaration of Interests Declaration of Interests |
Italy |
Banca d'Italia (BdI) | Barbara Lupi (Voting Member) Cristina Di Luigi (Alternate) |
Declaration of Interests Declaration of Interests |
| Commissione Nazionale per le Società e la Borsa (CONSOB) | Salvatore Giovanni Lo Giudice (Voting Member) Diego Monorchio (Alternate) |
Declaration of Interests Declaration of Interests |
|
Hungary |
Magyar Nemzeti Bank (MNB) | Daniel Rácz (Voting Member) Miklós Luspay (Alternate) |
Declaration of Interests Declaration of Interests |
Netherlands |
De Nederlandsche Bank (DNB) | Pieter Zeijlemaker (Voting Member) Bouke Buitenkamp (Alternate) |
Declaration of Interests Declaration of Interests |
| Autoriteit Financiële Markten (AFM) | Suzanne Van Scheijen (Voting Member) Diederik Dreijer (Alternate) |
Declaration of Interests Declaration of Interests |
|
Austria |
Finanzmarktaufsicht (FMA) | Roman Bitter (Voting Member) Ulrike Rhomberg (Alternate) |
Declaration of Interests Declaration of Interests |
Poland |
Komisja Nadzoru Finansowego (KNF) | Dorota Ubysz (Voting Member) Maciej Kucharski (Alternate) |
Declaration of Interests Declaration of Interests |
Portugal |
Comissão do Mercado de Valores Mobiliários (CMVM) | Manuela Peixe (Voting Member) Elizabetth Sequeira (Alternate) |
Declaration of Interests Declaration of Interests |
Sweden |
Finansinspektionen (FI) | Karin Jedkvist (Voting Member) Therese Rova (Alternate) |
Declaration of Interests Declaration of Interests |
Central Banks of Issue
| EU | European Central Bank (ECB) | Fiona van Echelpoel (Non-voting Member) Simonetta Rosati (Alternate) |
** |
Denmark |
Danmarks Nationalbank (DN) | Jens Skovsted Halsnæs (Non-voting Member) Allan Nouri (Alternate) |
Declaration of Interests Declaration of Interests |
|
Poland |
Narodowy Bank Polski (NBP) | Michał Konopczak (Non-voting Member) Adam Jankowski (Alternate) |
Declaration of Interests Declaration of Interests |
|
Sweden |
Sveriges Riksbank (SR) | Johanna Stenkula von Rosen (Non-voting Member) Anders Rydén (Alternate) |
Declaration of Interests Declaration of Interests |
** ECB staff is subject to an equivalent ECB conflict of interest policy.
