The statutory governing body should develop, adopt, adhere to and promote high ethical and professional standards, taking into account the specific needs and characteristics of the institution, and should ensure the implementation of such standards through a code of conduct or similar instrument.

These ethical standards must be communicated and promoted throughout the institution and should also be integrated into the training programme for staff and the induction of the members of the statutory governing body. It is important that in implementing these standards, the management impose strict and demanding rules of conduct upon itself and lead by example (‘tone at the top’).

The internal codes of conduct should relate inter alia to subjects such as corruption, acceptance or offering of unjustified gifts or advantages in cash or in kind, abuse in transactions between staff and the institution (granting of credit, preferential rates, etc.) and all sorts of other unethical or illegal behaviour in the context of internal or external activities.

Reference is also made to paragraphs 99 to 104 of Guidelines EBA/GL/2021/05, which in particular provide that (i) institutions should ensure that there is no discrimination of staff based on gender, race, colour, ethnic or social origin, genetic features, language, religion or belief, political or any other opinion, membership of a minority, birth, disability, age or sexual orientation, (ii) the institution’s policies should be gender neutral, (iii) risk awareness should be promoted, and (iv) examples should be provided of unacceptable behaviour (including fraud, money laundering and terrorist financing, unfair competition practices, financial sanctions, bribery and corruption, market manipulation, mis-selling and other violations of consumer protection laws, tax offences, whether committed directly or indirectly, including through prohibited mechanisms).