+Article 4a 3.

Article 4a 3.

Member States shall, in particular, ensure that competent authorities have in place all the necessary arrangements to prevent conflicts of interest of their members of staff and of the members of their governance bodies. For that purpose, Member States shall lay down rules that are proportionate to the role and responsibilities of the members of staff and the members of governance bodies, and that, at a minimum, prohibit them from:

(a) 

trading in financial instruments issued by or referenced to the institutions supervised by their competent authorities, and the direct or indirect parent undertakings, subsidiaries or affiliates of those institutions, with the exception of:

(i) 

instruments managed by third parties, provided that the owners of those instruments are precluded from intervening in the management of the portfolio;

(ii) 

investments in collective investment undertakings;

(b) 

being hired by or accepting any kind of contract for the provision of professional services during a certain period (‘cooling-off period’) with any of the following:

(i) 

institutions with which the member of staff or the member of the competent authority’s governance body has been directly involved for the purposes of supervision or decision-making, including the direct or indirect parent undertakings, subsidiaries or affiliates of those institutions;

(ii) 

entities providing services to any of the entities referred to in point (i), unless the member of staff or the member of the competent authority’s governance body is strictly precluded from taking part in the provision of those services during the cooling-off period;

(iii) 

entities conducting lobbying and advocacy activities directed at the competent authority on matters for which the member of staff or the member of the competent authority’s governance body was responsible during that member’s employment or term of office.

The exceptions provided for in the first subparagraph, points (a)(i) and (ii), shall only apply where the third parties and collective investment undertakings do not predominantly invest in instruments issued by or referenced to the entities referred to in point (a).

1. Ħarsa ġenerali

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1.1 Referenzi

1.2 Rekwiżiti identifikati

1.3 Standards relatati

2. Rekwiżiti identifikati

Rekwiżiti

3. Standards relatati

Standards