ECB/2022/35 · GlobalLawDB

Contents

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,Having regard to the Treaty on the Functioning of the European Union, and in particular Article 128(1) thereof,Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 12.1, Article 16 and Article 34.3 thereof,Having regard to Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions^note and in particular Article 2 thereof,Whereas:

(1)In order to ensure an efficient and practical implementation of the ethical requirements related to the accreditation of manufacturers pursuant to Decision (EU) 2020/637 of the European Central Bank (ECB/2020/24)^note, that Decision should be updated.

(2)The Decision should be updated to clarify that independent auditors should focus on certifying the implementation and operation of a corporate compliance programme and should further clarify the scope of the definition of ‘independent auditor’ to include a national central bank’s internal audit function where appropriate.

(3)It is also necessary to specify that a conviction by final judgement should be subject to a defined and harmonised cut-off period that makes reference to when the unethical conduct occurred.

(4)The scope of the corporate compliance programme should also be clarified so that at least one standard of compliance is effectively implemented.

(5)Compliance with the ethical standards established in Decision (EU) 2020/637 (ECB/2020/24) should be subject to a self-declaration by the accredited manufacturer in order to ensure that such compliance is clearly demonstrated and recorded. In order to allow sufficient time for manufacturers to prepare, it is necessary to lay down the date by which the first self-declaration confirming such compliance should be submitted.

(6)In order to ensure legal certainty, the proposed amendments should apply from the date specified in Article 24(3) of Decision (EU) 2020/637, namely 16 November 2022.

(7)Therefore, Decision (EU) 2020/637 of the European Central Bank (ECB/2020/24) should be amended accordingly,

HAS ADOPTED THIS DECISION: