Bill to curb revolving doors and corruption in Spain

Automatic summary, not yet reviewed

1. The bill would regulate conflicts of interest and incompatibilities for Government members and senior officials, both during their term and during the cooling-off period after leaving office, especially regarding companies operating in the securities market.
2. It would ban direct or indirect hiring of former public officials during their term and for five years after leaving office, and would require at least three asset declarations: when taking office, when leaving it, and one year later.
3. It would create the Entity for the Protection of the State against Corruption (EPEC), an autonomous public body that would monitor compliance with the law, request information from public and private entities, and hold sanctioning powers.
4. It would establish minor, serious and very serious offenses. Very serious offenses could lead to removal from office, loss of post-leave compensation, fines of two to three times the benefit obtained, and a ban on holding senior office for 5 to 10 years.
5. Private companies sanctioned for serious or very serious offenses would lose, for 5 to 10 years, the right to receive public subsidies and to contract with Public Administrations.
6. It would integrate the Transparency and Good Government Council and the Office of Conflicts of Interest into the new entity, and would create a Unit for the Protection of the State against the Securities Market and a unit to evaluate public policies.
7. It would amend the Criminal Code to punish senior officials who carry out or facilitate transactions with private entities affected by their decisions with two to five years in prison, when the benefit exceeds €120,000.
8. It would tighten the rules for members of Parliament: their mandate would be incompatible with any private activity, with limited exceptions, and their declarations of activities and assets would be published on each Chamber's website.

Who it affects

• Government members and senior officials of the General State Administration: They would have to follow a code of conduct, declare their assets three times, and could not work for securities market companies during their term or for five years after leaving office.
• Companies operating in the securities market: They could not hire former senior officials during the cooling-off period and would face fines and bans on contracting with the Administration if they break the law.
• Members of the Congress of Deputies and the Senate: Their mandate would become incompatible with any private activity, except for activities authorized by their Chamber.
• The general public: Citizens could file complaints with the new entity and access public records of officials' activities.

Words worth knowing

Puertas giratorias (revolving doors)

The movement of public officials into private sector jobs, or the other way around, using information and contacts gained in office.

Periodo de carencia (cooling-off period)

The time after leaving office during which bans on working for certain companies still apply.

Alto cargo (senior official)

A person holding a top responsibility position in the State Administration, such as Secretary of State or Director General.

Incompatibilidad (incompatibility)

A ban on holding certain activities or receiving certain income while holding a public office.

Mercado de valores (securities market)

The place where company shares and other financial products are bought and sold, such as the stock exchange.

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries