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The Iberian Energy Clearing House

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Ethics Committee

In accordance with the best corporate practices, OMIClear approved a Code of Conduct which defines the general principles for the actions of its addressees:

a)    The members of the Corporate Boards;

b)    The employees;

c)     The Market Members;

d)   Any entities that intervene on the Market or have access to Market premises, in terms of the duties relating to the intervention or access.

The Code of Conduct regulates:

a)    Market defence measures;

b)    The terms under which the people, that are subject to it, can trade financial instruments traded on the OMIP Derivatives Market;

c)    The rules relating to the performance of functions and the holding of stakes by corporate boards of other entities, designed to prevent conflicts of interest;

d)     Diligence and professional aptitude standards that should be observed in all OMIP activities;

e)    Sanctions appropriate to the gravity of the disciplinary breach, foreseeing amongst others, warnings, suspensions up to 6 months or exclusion.

The Code of Conduct foresees also the existence of an Ethics Committee, with the following responsibilities

a)     Encourage respect for the Code of Conduct;

b)     Give opinions in the interpretation of the Code of Conduct , guide and deliberate on omissions;

c)    Suggest to the Board of Directors the review of the Code of Conduct whenever it is deemed necessary;

d)    Investigate situations that may violate the rules of ethics, evaluating the importance of the breach and deciding on the most appropriate actions to take;

e)    Start the inquiry on eventual violations of the Ethics Code, guaranteeing the right to contradiction and defense of those involved, with the ability to use external technical means, if it is deemed necessary;

f)     Inform the competent supervisory boards of the violations that may be civil, criminal or merely social breaches.

For additional information, please download the Code of Conduct.