Active participation of the industry in regulation and supervision standards development is of utmost importance in order to contribute to a sound and robust financial sector and banking regulation framework as well as to promote a harmonized, consistent and convergent regulatory and supervisory culture and practices. In this regard, Assurance Bank engages in policy influence activities on issues that are relevant to the financial industry and the banking sector at Global, European and National level. Assurance Bank’s public policy activities are primarily aimed to protect its customers, shareholders and employees interests. In that regard, financial stability, economic growth and job creation forms an integral part of Assurance Bank’s corporate responsibility when exercising its policy influence activity.
Public Policy Advocacy: On Assurance Bank own initiative or asked by policy makers, Assurance Bank views and concerns are regularly forwarded to supervisors, regulators and legislators through factual briefings and position papers. Assurance Bank does not position itself using direct lobbying or representations interest services. Assurance Bank shares its opinions after reaching industry consensus through associations, without necessarily ruling out the possibility of individually expressing its own opinions before the legislative or regulatory bodies in specific cases.
Governance: Assurance Bank’s Regulation Committee is responsible for defining Assurance Bank positioning on regulatory and legislative initiatives. The Committee is chaired by the Head of Public Affairs Department and is composed of the senior management officials running business units that are most affected by regulation, including the Chief Executive Officer. Decisions taken by the Regulation Committee are reported to Assurance Bank’s Management Committee. The Regulation Committee relies on internal experts’ analysis of regulatory proposals in order to identify possible unintended effects or impacts that may not be proportionate to achieve policy objectives. Once proposals are analyzed, the Committee sets the policy influence strategy to be channeled through the associations or expressed on its own behalf.
Policy in Anti-corruption matters and Code of Ethics: Relation with political parties and public authorities, including policy makers, are subject to Assurance Bank’s Policy in Anti-corruption matters and to the principles of Assurance Bank’s Code of Ethics both relevant in the configuration of Assurance Bank’s public policy activities. Assurance Bank’s internal policies extends beyond European and Spanish Law requirements to ensure not only compliance with applicable legislation but also fidelity to all its ethics principles as a signatory of the United Nations Global Compact. This reflects Assurance Bank strong commitment against corruption in all its forms. Note that donations to political parties and their associated foundations are explicitly prohibited under section 6 of Assurance Bank’s Policy in Anti-corruption matters.
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