(4)Supervisors should act with the utmost integrity in the exercise of their supervisory functions. In order to increase transparency and ensure high ethical standards, it is appropriate for members of staff and members of the competent authority’s governance body to submit a declaration of interests on an annual basis. That declaration should disclose information on the member’s holdings of financial instruments in order to reduce the risks arising from conflicts of interest that might result from those holdings and to allow competent authorities to manage such risks appropriately. A declaration of interests should be without prejudice to any requirement to submit a wealth declaration under applicable national rules.