FRANKFURT (Reuters) – The European Central Bank announced greatly expanded conduct rules for policymakers and supervisory board members on Wednesday, regulating a wide range of activities from investments to asset disclosures and even private engagements.
Frustrated by leaks, frequent breaches of quiet period rules and – in the case of one governor – accusations of corruption, the ECB will also regulate public engagements of policymakers, a tricky move as most are employed by national central banks and not the ECB.
ECB - Tools - Rules - Punishment - Non-compliance
Still, the ECB will have blunted tools to enforce the new rules as the most severe punishment for non-compliance will be a public reprimand, according to the code, long in the making and approved unanimously by the 25-member Governing Council.
“The code improves the management of potential conflicts of interest by introducing specific rules for post-employment activities, private financial transactions and relations with interest groups,” the ECB said in a statement.
Publication - Declarations - Interests - Calendars - Measures
“It also foresees the publication of Declarations of Interests and monthly calendars, and includes measures for pursuing cases of non-compliance,” it said about the rules that went into effect on Jan 1.
Governing Council members have resisted tighter rules in the past,...
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