An ethical code is a set of rules followed, or supposed to be followed, by some group or trade. It is usually a form of internal discipline. Each faction has its own, the exact advice and consequences of breaking it are factionally defined. Consumerium Governance Organization imposes only a minimum ethical code of its own - see rules - none of which has much of an impact on trolls, who are those who have not accepted any ethical code. These must be kept in line directly by the Lowest Troll whom they respect mostly for being in position to bite them on the leg.
For more background see w:ethical code.