Annexes to COM(2015)647 - International Treatment of Public Bodies Charged with, or Intervening in, Public Debt Management and of Central Banks in Third Countries - Main contents

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dossier	COM(2015)647 - International Treatment of Public Bodies Charged with, or Intervening in, Public Debt Management and of Central Banks in ...
document	COM(2015)647
date	December 16, 2015

Annex: Comparative Overview of Third Countries

		Insider dealing rules	Inside information disclosure rules	Market manipulation rules	CB/DMO exemption	Risk-management standards	Confidential information	Private transactions in assets	Independence and conflicts of interest	Enforcement	Exemption
Australia	CB	Yes	Yes	Yes	No	Applied but not disclosed	PSNPU	RTHA	Independence duty and avoid conflicts of interest	Internal unit enforcing actions	Yes
	DMO	Yes	Yes	Yes	No	Applied but not disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions	Yes
Brazil	CB	Yes	Yes	Yes	No	Applied and disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions	Yes
	DMO	Yes	Yes	Yes	No	Applied but not disclosed	PSNPU	RTHA	Independence duty and avoid conflicts of interest	Internal unit enforcing actions	Yes
Canada	CB	Yes	Yes	Yes	Yes (only domestic CB)	Applied but not disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions	Yes
	DMO	Yes	Yes	Yes	No	Applied but not disclosed	PSNPU	RTHA	Independence duty and avoid conflicts of interests	Internal unit enforcing actions	Yes
China	CB	Yes	Yes	Yes	Yes (only domestic CB)	Applied but not disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions	Yes
	DMO	Yes	Yes	Yes	Not publicly available/ disclosed	Not publicly available/ disclosed	Professional secrecy	Not publicly available/ disclosed	Independence duty	Disciplinary actions up to dismissal	n/a
Hong Kong SAR	CB	Yes	Yes	Yes	Yes (only domestic CB)	Applied but not disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions	Yes
	DMO	Yes	Yes	Yes	Yes (only domestic DMO)	Not publicly available nor disclosed	PSNPU	RTHA	Independence duty and avoid conflicts of interests	Internal unit enforcing actions	Yes
India	CB/ DMO	Yes	Yes	Yes	Yes (only domestic CB)	Applied but not disclosed	Professional secrecy	RTHA	Independence duty	Internal unit enforcing actions	Yes
Japan	CB	Yes	Yes	Yes	No	Not publicly available nor disclosed	PSNPU	RTHA	Independence duty	Disciplinary actions up to dismissal	Yes
	DMO	Yes	Yes	Yes	Not publicly available/ disclosed	Not publicly available nor disclosed	PSNPU	RTHA	Independence duty and avoid conflicts of interests	Disciplinary actions up to dismissal	Yes
Mexico	CB	Yes	Yes	Yes	Yes (only domestic CB)	Applied but not disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions	Yes
	DMO	Yes	Yes	Yes	No	Applied but not disclosed	PSNPU	Keep record and report assets holdings/ transactions	Independence duty and DIS	Internal unit enforcing actions	Yes
Singapore	CB/ DMO	Yes	Yes	Yes	Yes (only domestic CB)	Applied but not disclosed	PSNPU	RTHA	Independence duty and avoid conflicts of interests	Internal unit enforcing actions	Yes
South Korea	CB	Yes	Yes	Yes	No	Applied but not disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions	Yes
	DMO	Yes	Yes	Yes	No	Not publicly available nor disclosed	Not publicly available nor disclosed	RTHA	Independence duty and DIS	Internal unit enforcing actions (no dismissal)	Yes
Switzerland	CB	Yes	Yes	Yes	Yes (only domestic CB)	Applied but not disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions	Yes
	DMO	Yes	Yes	Yes	Yes (only domestic DMO)	Not publicly available nor disclosed	PSNPU	RTHA	Independence duty and DIS	Disciplinary actions up to dismissal	Yes
Turkey	CB	Yes	Yes	Yes	Yes (only domestic CB)	Applied but not disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions (no dismissal)	Yes
	DMO	Yes	Yes	Yes	No	Applied but not disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions (no dismissal)	Yes
USA	CB	Yes	Yes	Yes	Yes (only domestic CB)	Applied but not disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions	Yes
	DMO	Yes	Yes	Yes	Not publicly available/ disclosed	Not publicly available nor disclosed	PSNPU	RTHA	Independence duty and DIS	Internal unit enforcing actions	Yes

Legend:

‘CB’ stands for ‘central bank’;

‘DMO’ stands for ‘debt management office’;

‘PSNPU’ stands for ‘professional secrecy and no private use’;

‘RTHA’ stands for ‘restrictions in trading and holding of assets’;

‘DIS’ stands for ‘disqualification if unavoidable conflict’.

(1)

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 12.6.2014, p. 1).

(2)

See summary of the analysis and criteria in the Annex of this Report.