Ethical rules of conduct for the Bank of Finland

On 2 October 2021, the Governing Council of the European Central Bank (ECB) adopted a revised Guideline (EU) 2021/2253 of the European Central Bank laying down the principles of the Eurosystem Ethics Framework (ECB/2021/49, recast) (hereinafter ECB Guideline). National central banks (NCBs) of the Eurosystem are advised to take necessary measures to implement and comply with the ECB Guideline.

The principles set forth in the ECB Guideline provide the ethical framework for Eurosystem NCBs in carrying out their functions. Eurosystem NCBs implement the ECB Guideline by laying out rules of ethical conduct applicable to members and staff of respective central bank governing bodies. Eurosystem NCBs should seek to apply these rules to all persons involved in central bank tasks, not just permanent staff (e.g., workers providing purchased services or temporary agency workers).

On 5 December 2018, the ECB Governing Council adopted a single Code of Conduct for high-level ECB officials applicable to all such officials. An updated version of the Code of Conduct for high-level ECB officials, which went into force on 1 January 2023, replaced the initial version of the single code that went into force on 1 January 2019. The ECB Code of Conduct for high-level ECB officials applies to members and alternate members of the ECB Governing Board and its oversight bodies. The Bank of Finland Board decided on 28 May 2019 that all Board members will be subject to the relevant parts of the Code of Conduct for high-level ECB officials.

The Bank of Finland’s Ethical Rules of Conduct apply to all other Bank of Finland officials and staff. Application of these rules to others working for the Bank of Finland should be done on a case-by-case basis.

1 General principles

1.1 Independence and avoiding conflicts of interest

An official should act honestly, independently, impartially, honourably and without using their position seeking personal gain. An official should avoid all forms of inappropriate behaviour and harassment.

An official is expected to refrain from any activity that could be seen as creating a conflict of interest with respect to the Bank of Finland and the conduct of the official’s duties. If a conflict of interest arises, the official must notify their supervisor or the Head of Legal Affairs without delay.

Conflict of interest means a situation where the official’s personal interests influence or can be seen to influence the impartial and objective performance of their duties and responsibilities.

Personal interest means a benefit or potential benefit, of a financial or non-financial nature, to the official or close persons. Close persons include immediate family members and persons otherwise closely linked to the official.¹

Candidates for a position or assignment at the Bank of Finland should declare any possible conflicts of interest during the application process. Before approving the candidate to the position sought, the recruiting supervisor should review the candidate’s employment history, personal wealth, as well as identify any private activities or personal relationships that might give rise to conflicts of interest in the candidate’s performance of official duties.

Staff members selected for a new position or on unpaid leave from the Bank of Finland, should, without undue delay, inform their supervisor if a conflict of interest arises.

1.2 Gifts, benefits and hospitality

An official must not demand, accept or receive a financial or non-financial advantage if it could undermine trust in the official or the Bank of Finland (section 12, Act on Officials of the Bank of Finland (1166/1998)).

Advantage means a gift, hospitality or other benefit of an economic or non-economic nature not agreed to as compensation for services provided and to which the recipient is not otherwise entitled. Officials may not solicit, condone or accept for themselves or another person an advantage that might in some way be associated with performance of their jobs or duties.

Advantages may be accepted under limited circumstances:

• An exception is made where receipt of the gift or benefit is of a general nature or insignificant value. Gifts with a value not exceeding EUR 50 are treated as permitted. In the specific circumstance where refusal of a gift with a value over EUR 50 is not possible, the gift must be surrendered to the Bank of Finland.
• Hospitality offered as part of a work-related meeting is generally acceptable as long as the hospitality offered can be considered customary and appropriate to the circumstances.

Advantages cannot be recurring or from the same source. The benefit cannot influence or appear to influence the official’s independence or impartiality. Cash may never be accepted.

Advantages of a customary nature are permitted as long as they are offered in the context of cooperation with other central banks, national authorities, European Union institutions, bodies or agencies, international organisations, or state or scientific bodies.

Board members may only give gifts to third parties at the Bank of Finland’s expense when the gift is given in a customary and approved manner. Board permission is required if the value of the gift exceeds EUR 150.

Officials may not entertain or otherwise provide benefits to themselves and others at the Bank of Finland’s expense without permission according to a separately agreed practice.

1.3 Accepting invitations and participation in events sponsored by external organisers

Officials, mindful of their duty to uphold the principle of independence and avoid conflicts of interest, may accept invitations to conferences, receptions or other cultural events, and partake in hospitality offered as long as participation in such events is compatible with the fulfilment of their duties or otherwise in the interests of the Bank of Finland.

As a general rule, the Bank of Finland will pay travel and accommodation expenses incurred by the official if the trip is considered necessary. Officials may accept invitations to events customarily attended by similarly situated officials, but must not accept remuneration for lectures or speeches delivered in an official capacity.

These rules also apply to the official’s spouse or cohabiting partner if the they have also been invited to the event. Participation of the spouse or cohabiting partner should be consistent with accepted international practice and must be cleared with the official’s supervisor.

1.4 Secondary occupations and approval of remuneration for tasks performed in a personal capacity

Secondary occupations of staff are governed by section14 of the Act on Officials of the Bank of Finland. Secondary occupations of Board members are governed by section 17 of the Act on Officials of the Bank of Finland.

Officials may teach and engage in academic pursuits, as well as other activities allowed under the rules on secondary occupations. An official may accept remuneration or compensation commensurate with the work undertaken in a personal capacity unless otherwise provided by legislation on the Bank of Finland and on condition that the remuneration or compensation is commensurate with the work performed and remains within customary limits. Examples of permitted activities include writing journal articles and giving lectures when the work occurs outside the official’s working hours.

Officials must annually declare to the Head of Legal Affairs and secondary occupation activity and remuneration received therefrom.

Board members must declare annually in writing to the Secretary of the Parliamentary Supervisory Council, acting in the capacity of ethics adviser, any secondary occupation activities in which they have engaged in a personal capacity and any remuneration they may have received from such activities.

1.5 Procurement

Officials must assure proper implementation of procurement protocols in a transparent manner that complies with the principles of neutrality, impartiality and equity. Officials must decline offers of advantages during in the procurement process, or where an advantage is offered by another potential supplier or service provider.

1.6 Disqualification

An official is disqualified from participating in preparation, presentation or deciding on a matter if the official is subject to an unresolved ethical conflict. A Bank of Finland official must recuse themselves from matters in which they or their close persons have a stake in the outcome if resolution of the matter could result in a specific benefit or harm to the official or their close persons. Similarly, the official is disqualified from representing or assisting another in a matter where the outcome could create a particular benefit or harm for the official or their close persons. The official is disqualified from handling matters that involve agency or institutional guidance or oversight if the official or a close person is a member of the agency, institution’s board or governing body. An official is also disqualified if their impartiality could for compromised for some other reason.

Close person relationships that invoke disqualification are set forth in section 28, subsections 2 and 3 of the Administrative Procedures Act (434/2003). Close persons include relatives and persons with interests that otherwise closely align with those of the official. Grounds for disqualification are set forth in section 28, subsection 1 of the Administrative Procedures Act.²

2 Professional secrecy and prohibition on misusing non-public information

Under section 23 of the Act on the Openness of Government Activities (hereinafter Openness Act),³ unauthorized disclosure of non-public information or the misuse of such information on one’s own account or the account of third parties such that a benefit or harm results is forbidden. Situations constituting misuse of non-public information include:

a) private financial transactions for one’s own account or for the account of third parties;

b) disclosure of non-public information to others unless such disclosure occurs in the course of the official’s duties on a need-to-know basis;

c) in recommending or inducing third parties to act on non-public information.

Every Bank of Finland official is bound by a duty of professional secrecy.

Definitions

Private financial transaction means an investment or similar activity involving the purchase, sale or other voluntary legal act related to investment. The term does not apply to private transactions for the sale or purchase of consumer goods or durable goods for non-investment purposes, real estate for a non-investment purposes such as residential housing for one’s own use or household members, as well as ordinary wage earnings and property income. The term also does not apply to gratuitous transfers under family and inheritance law, or currency transactions required for travel.

Market sensitive information means information to which a person working for the Bank of Finland becomes aware as part of their usual duties or in performing tasks on behalf of the Bank which under the Openness Act, some other law, or the Bank of Finland Officials Act is under a professional duty to keep secret. Section 24 of the Openness Act defines market sensitive documents, the disclosure of which could affect monetary policy, foreign exchange policy, financial markets, market prices, security systems, crisis preparedness and corporate secrets.

According to section 24, subsection 1, point 2 of the Openness Act, market sensitive information is information encountered by staff of national central banks in conducting Eurosystem tasks that are not public (non-public information, Article 4 of the ECB Guideline).

3 Insider policy rules

3.1 General

Bank of Finland insiders

Bases for Bank of Finland insider status:

 (1) Insiders by position includes Board members, Directors General, department heads, heads of unit, advisers to the Board, as well as other persons acting in an official capacity (section 6, subsections 1 and 3 of the Act on the Officials of the Bank of Finland (1166/1998)).

(2) Insiders by access includes persons whose official duties, other than on a one-off basis, involve access to market-sensitive information concerning monetary policy, financial markets, macroeconomic statistics, information on the financial condition or business secrets of specific entities, access to non-public information, as well as persons who handle sensitive information in the course of their duties (section 6, subsections 2 and 3 of the Act on Officials of the Bank of Finland (1166/1998)).

The Parliamentary Supervisory Council has issued an instruction regarding positions referred to in point 2 regarding insider status by access.

‘Persons with access to market sensitive information’ as set forth in Article 11 of the ECB Guideline, who are involved in the performance of Eurosystem tasks and have access to such information, other than on a one-off basis, are considered Bank of Finland insiders due to their official position or access arising from the nature of their tasks. Market sensitive information means non-public information that by its nature could significantly influence specific asset prices or prevailing financial market prices should it become public.

Bank of Finland departments must ensure that only persons with insider status perform Eurosystem tasks and related tasks have access, other than on a one-off basis, to market sensitive information. The Board member in charge of legal affairs must ensure that uniform criteria are applied to all departments in determining insiders. Department must inform staff members if they have been classified as insiders and the basis for such classification. Departments must also provide the Legal Affairs Unit with the names of insiders and the grounds for insider classification.

Bank of Finland departments must make sure that insider information is only accessed by insiders requiring such information in the performance of their duties (need-to-know basis).

The concept of insider information in the Bank of Finland’s Ethical Rules of Conduct

In the course of the their duties at the Bank of Finland, staff may encounter information that is not generally available. Such information may be classified or its use may be restricted for some other reason. Insider information refers here to any kind of market-sensitive information or classified information that has not been made public or is not available to the general public. Insider information may involve performance of the Bank of Finland’s Eurosystem tasks or other Bank of Finland tasks.

Insider information may also include other sensitive non-public economic information related to such things as:

• Monetary policy, financial markets, macroeconomic statistics or information concerning the financial position of private corporations or business secrets (section 6, subsection 2 of the Act on Officials of the Bank of Finland).
• non-public information required by NCBs in conducting Eurosystem tasks and which is not public (Article 2, point 4, ECB Guideline (EU) 2021/2253 (ECB/2021/49)).

In addition to the definition of insider information used in this Ethical Code of Conduct for the Bank of Finland, insiders are subject to the Market Abuse Regulation ((EU) 596/2014). The regulation defines insider information and prohibits the misuse of insider information. Abuse of information is also governed by Chapter 51 of the Penal Code of Finland (39/1889).

3.2 Specific restrictions on insiders

General principles regarding private financial transactions

An insider must exercise caution and discipline when carrying out private financial transactions on their own account or on behalf of a third party. The insider should also pursue medium-term and long-term investment horizons. Private financial transaction is defined above in section 2.

A Bank of Finland insider must refrain from all transactions involving financial instruments during periods when they have information about significant economic policy measures under preparation. Bank of Finland insiders with potential access to insider information related to ECB monetary policy or exchange rates must refrain from transactions in financial instruments during the seven days preceding an ECB Governing Council monetary policy meeting.⁴

Definition of financial instrument

Financial instrument means a financial instrument as defined in Chapter 1 section 14 of the Investment Services Act (747/2012). Financial instruments include shares, bonds, other securities, investment fund units and derivatives contracts.

Special restrictions on critical private financial transactions

Critical private financial transactions are those that involve or could appear to be closely related to the performance of Eurosystem tasks.

Critical private financial transactions prohibited to insiders are transactions involving:

a) equity and debt instruments issued by a regulated entity;

b) derivatives related to equity and debt instruments issued by a regulated entity; and

c) units of collective investment schemes that have a stated investment policy aimed exclusively at regulated entities.

Regulated entity means entities and monetary policy counterparties overseen by the ECB. Regulated entities are:

a) banks (credit institutions) and other deposit-taking institutions, with the exception of central banks and electronic money issuers,

b) investment banks,

c) securities settlement systems, central counterparties, operators of central securities depositories (for example, Euroclear Finland), operators of payment systems and operators of card payment schemes, and

d) critical service providers for a regulated financial market infrastructure that is directly overseen by the Eurosystem in accordance with the Eurosystem oversight policy framework.⁵

Insiders are subject to a short-term trading restriction such that the purchase and subsequent sale or sale and subsequent purchase of the same security or other financial instrument within a 90-day period is forbidden.

Insiders can retain a financial instrument prohibited in critical private transactions if they came into possession of the asset before becoming an insider (legacy assets) as long as ownership of the financial asset does not create an apparent conflict of interest.

Asset management agreements with full authorisation

It is highly recommended that when an insider has actual or potential conflicts of interest, the insider entrusts their investments to one or more recognised asset managers with full authority to manage such assets.

If the management of financial transactions has been entrusted to an independent third party under a written asset management agreement with full authorisation so that the insider cannot directly or indirectly influence the decisions of the asset manager on financial transactions, the restrictions will not be applicable to the external asset manager. The insider must declare the asset management agreement and provide a copy of the agreement upon request.

It is also strongly recommended that Board members entrust their investment portfolios to the care of one or more custodians with full authority to act on behalf of the Board member. This recommendation does not prevent Board members from holding assets in ordinary bank accounts, money market funds or similar short-term investment instruments. This recommendation also does not apply to use of such assets temporarily for the purchase of specific goods or investments in real property.

3.3 Duty to declare insider status

Bank of Finland insiders are under a duty to declare their insider status in accordance with the procedures outlined in section 3.1. The Parliamentary Supervisory Council has issued an instruction to this effect in accordance with section 6, subsection 1 of the Act on Officials of the Bank of Finland.

Board members must annually submit their insider declarations to the Parliamentary Supervisory Council, and their declarations are handled by the Secretary of the Parliamentary Supervisory Council. All other Bank of Finland insiders must prepare and submit their insider declarations according to the procedure described below.

A person substituting for another in a post subject to the insider declaration requirement or a person filling in for a temporarily vacant post subject to the insider declaration requirement is also subject the insider declaration requirement (section 6, subsection 3 of the Act on Officials of the Bank of Finland). When all staff member of a particular department/unit/office, or a specific group of officials, due to the nature of their duties, have a duty to make an insider declaration, any official subsequently joining such groups of collectively obliged insiders also has a duty to make an insider declaration. The duty to make an insider declaration ends upon termination of the service relationship or when the person under a duty to make an insider declaration transfers to another position. An insider is also relieved of the duty to make an insider declaration if they take a leave of absence from their position (e.g., sabbatical or parenting leave) and do not have access to Bank of Finland systems during their absence. The duty to make an insider declaration ends at the start of the leave of absence and continues until the leave of absence ends.

The Financial Supervision Authority has its own insider conduct policies, and Bank of Finland insider rules do not apply to the FSA.

3.4 Content of insider declaration

Corporate interests assets other significant holdings

Assets to be reported

The insider should declare their assets, including stakes in businesses and other assets such as domestic and foreign investments.

The following types of assets must be declared:

• Financial instruments, including shares and financial instruments granting rights to shares such as:
  • convertible bonds
  • subscription rights
  • options
  • warrants
  • certificates
  • futures
  • forwards
  • other derivative contracts
• debt instruments
• derivative contracts
• investment fund units
• foreign currency
• gold
• ownership in companies
• housing and real estate held for investment purposes.

In declaring the abovementioned types of assets, care should be taken to include the following:

• euro area government debt securities,
• equity and debt instruments issued by insurers, as well as
• equity and debt instruments issued by entities other than regulated bodies that Eurosystem NCBs have acquired as part of the ECB’s asset purchasing programme.

Insiders do not need to declare:

• bank deposits
• their primary residence, summer house or shares in such properties.

Insiders must declare other financial instruments with which they could clearly utilise confidential information related to interest-rate decisions, the Eurosystem’s financial and investment decisions, or changes in the value of their foreign currency assets due to changes in exchange rates.

A basic insider declaration must include the insider’s assets when the combined market value exceeds EUR 40,000. In this case, all assets of the types mentioned above must be declared, no matter how small the size of the holding. Such assets subject to declaration must be reported every year by the end of January, whether or not the value of the asset has changed over the year.

Trading activity to be reported

Even when the total value of the assets to be declared does not exceed the EUR 40,000 minimum, the insider must declare the value of all asset trading transactions/transfers of ownership, when the value of transaction in a particular asset type during the calendar year exceeds EUR 5,000. The value of trading in financial instruments should be broken down by securities and company, with, for example, the value of shares and derivative instruments related to shares of the company combined.

If the total value of transactions during the calendar year for a particular asset type is less than EUR 5,000, the trading activity does not need to be reported, and changes in ownership declared only as part of the annual insider declaration and only when the total value of ownership stakes and investment instruments have a combined value of EUR 40,000.

Currency market and gold transactions that change the value of assets stated in the trading declaration must be reported immediately if such transactions exceed EUR 10,000 during a calendar month. This reporting obligation does not apply to the purchase or sale of currency for e.g. travel purposes.

Reporting controlling stakes in businesses and property under the insider’s trusteeship

Insiders must declare a controlling interest in a business (controlled corporation) as well as controlling interests in a business arising from a conservatorship or trusteeship for a legally incompetent person (e.g., minor child or elderly relative), if the above-mentioned requirements for declaring assets are met either alone or combined with the insider's holdings.

Controlled corporation means a business entity in which the insider holds a voting majority, either by personally owning the voting majority shares or such shares together with other family members. A controlling entity refers to an entity in which an insider can exercise control based on a majority of votes alone or together with family members. According to Chapter 1, section 11, subsection 3 of the Limited Liability Companies Act (624/2006), family members are the insider’s spouse or cohabiting partner, the insider’s own children or the children of the spouse/cohabiting partner, grandchildren, parents and grandparents.

Debts, guarantees and other contingent liabilities

Regarding contingent liabilities, the insider must make a basic declaration of debts, guarantees and other contingent liabilities when their combined value exceeds EUR 40,000. Thereafter, the annual declaration of liabilities must be submitted by the end of January. Insiders do not need to report ordinary credit card balances.

External activities, acting in a business or professional capacity

The insider should declare any external activities of an occupational nature or that otherwise involve acting in a commercial or professional capacity. Business activities and professional practices are generally treated as external activities that must be declared. Engagement in external activities of an occupational nature requires permission from the Bank of Finland and the filing of a secondary occupation declaration.

Declaration of secondary occupation

Insiders must include secondary occupations as described in section 1.4 in their insider declaration.

Other commitments

In addition to reporting other sources of income, insiders should provide clarification about commitments that could affect their ability to perform their duties in an impartial manner. The other income sources section of the declaration should mention connections to corporations or other entities, as well as applicable personal relationships.

A commitment to a company or other business entity is considered, for example, to be a situation where the insider can exercise control by virtue of holding the voting majority of shares alone or together with other family members (controlled corporation). According to Chapter 1, section 11, subsection 3 of the Limited Liability Companies Act (624/2006), family members are the insider’s spouse or cohabiting partner, the insider’s own children or the children of the spouse/cohabiting partner, grandchildren, parents and grandparents. The legal nature of the company or other business entity is irrelevant in insider reporting, as is the field of business or the company’s size.

Acting as a member of a supervisory board of a company or other business entity, as a member of a board of directors, as managing director, as auditor, or as partner in a general partnership or as a general partner in a limited partnership (involved in day-to-day operation of the business) must also be reported, unless it is a housing cooperative, mutual real estate company or a association pursuing a non-commercial recreational, educational or hobby purpose.

Officials must also declare such family and other personal relationships, as well as ties to corporations or other entities, that might impair their impartial handling of secret or confidential matter at the Bank of Finland.

3.5 Insider declaration procedure

The insider must make an insider declaration (basic declaration) before being appointed to a position or without delay after having been classified as an insider and entered into the Insider Register.

Officials must immediately report and amend any substantial changes in the information provided in their insider declaration, as well as correct any inaccuracies or omissions, as well as provide supplementary information as necessary. Changes are submitted as amendments to the basic declaration.

The annual insider declaration must be submitted by the end of January even if there are have been no changes in the reported information since the previous declaration.

Non-compliance with the duty to declare insider status constitutes a breach of official duties.

3.6 Administration and oversight

The authority for administration of insider policy lies with the Board member responsible for legal affairs. In fundamentally important matters, the decision-making power belongs to the Board as a collegium. The Legal Affairs Unit and Head of the Legal Affairs Unit are responsible for practical administrative measures such as receiving and handling insider declarations, providing advice and monitoring compliance with insider rules.

Insider declarations of Board members should be submitted to the Secretary of the Parliamentary Supervisory Council and insider status reported annually to the Parliamentary Supervisory Council.

With respect to the insider policy system, the Head of the Legal Affairs Unit must report annually to the Board on oversight measures taken and any significant incidents.

In implementing compliance with insider policies, the Bank of Finland assures, for example, compliance with rules on disqualification due to conflicts of interest are followed. As part of its overseeing compliance with insider rules, the Bank of Finland may conduct checks to determine the accuracy of the information disclosed in insider declarations. At the request of the Bank of Finland, insiders are obliged to provide additional information related to their declarations (section 6, subsection 4 of the Openness Act).

In addition to the above, if necessary, a separate instruction on procedures for notifying, investigating and reporting activities and abuses in violation of the ECB guideline or the ethical rules of conduct the Bank of Finland, as well as an internal reporting system, will be applied.

4 Board member post-employment restrictions and cooling-off period compensation

Board members must comply with the cooling-off periods applicable under the Code of Conduct for high-level ECB officials. The cooling-off period restrictions for members of the ECB Governing Council apply to the Governor, while the cooling-off period for alternates applies to other Board members.

In accordance with the decision of the Parliamentary Supervisory Council of 15 March 2019, Board members, upon ending of their term of office, will be paid 60 % of their monthly compensation for the duration of the cooling-off period, the length of which is to be determined in accordance with the guidelines set forth in the Code of Conduct for high-level ECB officials. If a post-term official receiving compensation during the cooling-off period takes on new employment, any compensation must be declared as wage earnings. Such wage earnings or pension payments will be deducted accordingly from the cooling-off period compensation.

5 Ethics advisers

Where interpretation of these rules is unclear, officials can turn to an ethics adviser for clarification. For Bank of Finland staff, the Head of Legal Affairs acts as ethics adviser. The Secretary to the Parliamentary Supervisory Council serves as ethics adviser to Board members.

6 Reporting of non-compliance with ECB Guideline

Having first informed the Board member responsible for legal affairs, the Head of Legal Affairs, in line with Article 14, point 3, of the ECB Guideline, shall immediately report any significant incident of non-compliance with the ethical rules implemented on the basis of the ECB Guideline via the ECB Organisational Development Committee and the ECB Executive Board to the ECB Governing Council, as well as inform the ECB Audit Committee and ECB Ethics and Compliance Committee.

¹ Chapter 1, Article 2, section 10 of the ECB Guideline (ECB/2021/49) defines close persons to include at minimum family members (parent, child, brother or sister), and spouse or partner. Finland’s Administrative Procedures Act (434/2003) extends the close persons definition to include indirectly related persons and persons outside the family circle.

² In connection with the duty to avoid conflicts of interest as set out in section 1.1 of these Ethical Rules of Conduct, the definition of close persons under the ECB Guideline differs somewhat from Finland’s Administrative Procedures Act (434/2003). In deciding whether a conflict of interest warrants disqualification, the definitions of the Administrative Procedures Act govern.

³ Act on the Openness of Government Activities (621/1999).

⁴ The ECB posts the dates of upcoming monetary policy meetings on its website at  https://www.ecb.europa.eu.

⁵ According to Article 2 section 8 of the ECB Guideline, ‘regulated entity’ means any of the following:

a) a monetary financial institution (MFI) as defined in point (1)(b) of Article 2 of Regulation (EU) 2021/379 (ECB/2021/2) of the European Central Bank, but excluding money market funds;

b) a non-MFI credit institution as defined in point (1)(b) of Article 2 of Regulation (EU) 2021/379 (ECB/2021/2);

c) a securities settlement system as defined in point (10) of Article 2 of Regulation (EU) No 909/2014 of the European Parliament and of the Council; a central counterparty (CCP) as defined in point (1) of Article 2 (EU) No 648/2012 of the European Parliament and of the Council; an operator of a central securities depository as defined in point (1) of Article 2(1) of Regulation (EU) No 909/2014; an operator of a payments system as defined in point (1) of Article 2(1) of Regulation (EU) No 795/2014 of the European Central Bank; an operator of any other payment system or of a card payment scheme falling within the scope of the Eurosystem oversight policy framework or the ECB’s revised oversight framework for retail payment systems; (hereinafter collectively referred to as ‘qualifying financial market infrastructures’);

d) a critical service provider of a qualifying financial market infrastructure that is directly overseen by the Eurosystem in accordance with the Eurosystem oversight policy framework.