Ethics and Conflict of Interests
Ethics and Conflict of Interests
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
 ESMA |
Chair | Steven MAIJOOR | |
| ESMA |
Executive Director | Verena ROSS |
ESMA Governing Bodies
DENational Competent Authorities
|
Country |
Authority | Member/Alternate | Documents |
 Belgium |
Financial Services and Markets Authority (FSMA) |
Jean-Paul SERVAIS (Member) |
|
|
Jean-Michel Van Cottem (Alternate) |
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 |
Комисията за финансов надзор (FSC) |
Mariya FILIPOVA (Member) |
|
 |
Česká národní banka (CNB) | Vojtěch BELLING (Member) | |
| Karl Juráš (Alternate) | |||
 |
Finanstilsynet | Karen Dortea ABELSKOV (Member) | |
| Anne Bruun (Alternate) | |||
 |
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) | Elisabeth ROEGELE (Member) | |
| Hannelore Lausch (Alternate) | |||
 |
Finantsinspektsioon (FSA) | Andre NÕMM (Member) | |
| Kilvar Kessler (Alternate) | |||
 |
Central Bank of Ireland | Derville ROWLAND (Member) | |
| Colm Kincaid (Alternate) | |||
 Greece |
Ελληνική Επιτροπή Κεφαλαιαγοράς (HCMC) | Vasiliki LAZARAKOU (Member) | |
| Nikolaos Kontaroudis (Alternate) | |||
 Spain |
Comisión Nacional del Mercado de Valores (CNMV) | Sebastián ALBELLA AMIGO (Member) | |
| Ana María Martínez-Pina García (Alternate) | |||
 France |
Autorité des Marchés Financiers (AMF) | Robert OPHÈLE (Member) | |
| Benoît de Juvigny (Alternate) | |||
 Croatia |
Hrvatska agencija za nadzor financijskih usluga (HANFA) | Ante ŽIGMAN (Member) | |
| Jurica Jednacak (Alternate) | |||
 Italy |
Commissione Nazionale per le Società e la Borsa (CONSOB) | Paolo Savona (Member) | |
| Carmine Di Noia (Alternate) | |||
 Cyprus |
Επιτροπή Κεφαλαιαγοράς Κύπρου (CySEC) | Demetra KALOGEROU (Member) | |
| Liana C. Ioannidou (Alternate) | |||
 Latvia |
Finanšu un kapitāla tirgus komisija (FKTK) |
Santa PURGAILE (Member)
|
|
| Ieva Ose (Alternate) | |||
 Lithuania |
Lietuvos Bankas | Mindaugas ŠALČIUS (Member) | |
| Vaidas Cibas (Alternate) | |||
 Luxembourg |
Commission de Surveillance du Secteur Financier (CSSF) | Claude MARX (Member) | |
| Françoise Kauthen (Alternate) | |||
 Hungary |
Magyar Nemzeti Bank (MNB) | Gergő SZENICZEY (Member) | |
 Malta |
Malta Financial Services Authority (MFSA) | Christopher BUTTIGIEG (Member) | |
| Lorraine Vella (Alternate) | |||
 Netherlands |
Autoriteit Financiële Markten (AFM) | Laura VAN GEEST |
|
| Jos Heuvelman (Alternate) | |||
 Austria |
Finanzmarktaufsicht (FMA) | Eduard MÜLLER (Member) | |
|
Birgit Puck (Alternate)
|
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 Poland |
Komisja Nadzoru Finansowego (KNF) | Magdalena ŁAPSA-PARCZEWSKA (Member) | |
| Arkadiusz Famirski (Alternate) | |||
 Portugal |
Comissão do Mercado de Valores Mobiliários (CMVM) | Gabriela FIGUEIREDO DIAS (Member) | |
| João Sousa Gião (Alternate) | |||
 Romania |
Autoritatea de Supraveghere Financiară (ASF) | Gabriel GRĂDINESCU (Member) | |
| Florentina Boboc (Alternate) | |||
 Slovenia |
Agencija za trg vrednostnih papirjev (ATVP) | Miloš ČAS (Member) | |
| Sabina Bester (Alternate) | |||
 Slovakia |
Národná Banka Slovenska (NBS) | Peter TKÁČ (Member) | |
| Tomas Ambra (Alternate) | |||
 Finland |
Finanssivalvonta (FSA) | Anneli TUOMINEN (Member) | |
| Armi Taipale (Alternate) | |||
 Sweden |
Finansinspektionen (FI) | Erik THEDÉEN (Member) | |
| Malin Omberg (Alternate) |
European Economic Area Members (Non-Voting)
| Iceland | Central Bank of Iceland | Unnur GUNNARSDÓTTIR (Member) | |
| Páll Friðriksson (Alternate) | |||
 Liechtenstein |
Finanzmarktaufsicht (FMA) | Marcel LÖTSCHER (Member) | |
| Reto Degen (Alternate) | |||
 Norway |
Finanstilsynet | Anne Merethe BELLAMY (Member) | |
| Geir Holen (Alternate) | |||
| EFTA Surveillance Authority | Frank BÜCHEL (Member) | ||
| Gunnar Thor Petursson (Alternate) |
EU Institutions (Non-Voting)
| European Commission | Ugo BASSI | Declaration of Interests |
European System of Financial Supervision
|
European Systemic Risk Board (ESRB) |
Francesco MAZZAFERRO |
Declaration of Interests | |
| European Banking Authority (EBA) |
tbc |
tbc | |
| European Insurance and Occupational Pensions Authority (EIOPA) |
Fausto PARENTE |
Declaration of Interests | |
Observers
| United Kingdom |
(FCA) |
Edwin Schooling Latter | Declaration of Interests |
| United Kingdom |
(FCA) |
Christopher Woolard | Declaration of Interests |
Information on ESMA former Senior Management
No Senior Managers have left ESMA.