(7)Third, credit ratings must be issued in accordance with the principles, standards and procedures which ensure the adequate integrity and independence of credit rating activities as provided for by Regulation (EC) No 1060/2009. The provisions of the ‘Code monétaire et financier’, in particular Articles L.142-9, and L.164-2 ensure that analysts and agents working in the Banque de France are bound by the professional secrecy principle and by rules on conflicts of interest included in the professional ethics rules and in the financial ethical code of the Banque de France approved by the Minister of ‘l’Economie, des Finances et de l’Industrie’. Moreover, the staff regulations of the Banque de France contain provisions aiming explicitly to prevent the agents from being or from remaining in situations of conflict of interests. The Banque de France is subject to internal control mechanisms, being exercised by an Independent Ethics Officer and his staff in charge of checking the application of the ethical code or through the collegial structure which is fully incorporated into the organisation of the management of the Banque de France, which constitute an effective means to enforce the compliance with these rules on integrity and independence. As these requirements are embedded in law, sanctions can be imposed in case of non-compliance. In addition, the Code establishes the necessary rules on procedures and sets the appropriate standards to ensure: (i) the integrity and quality of the credit rating process (including the formalisation of the decisional circuit, traceability of the decisions and quality control process), (ii) the relevant transparency and communication procedures (including rules of access to credit ratings, publication of the methods and evolution of the credit rating activities) and (iii) the measures to prevent any conflict of interest (including the due diligence to be observed by the analysts, the functioning of the national and regional rating committees).