European Medicines Agency's new rules on handling of declared interests of employees
Case opened - Case 642/2012/TN - Opened on Monday | 23 April 2012 - Decision on Friday | 10 January 2014
EMA wrongly requested the complainant to sell her shares in a pharmaceutical company.
1) EMA sought to apply the new conflict of interest rules before these rules entered into force (in February 2012);
2) EMA's request to her was wrong because no provision of the new conflict of interest rules indicate that these new rules apply to existing staff that obtained shares before the entry into force of the new rules;
3) The new conflict of interest rules are discriminatory against one type of declared interest (shareholdings) when compared with other types of declared interests (previous employment and spouse's employment);
4) The new conflict of interest rules are excessive and disproportionate (she states that EMA's request would cause her substantial financial loss);
5) If she sold the shares in question she could be considered to be engaged in insider trading; and
6) The new conflict of interest rules constitute a retroactive change to her employment agreement.