Space security has become an increasingly important issue, with the international community witnessing a number of debris-generating events in low earth orbit. More actors in space, as exciting as it is, translate into more potential threats. In 2010 the European Union put forward a draft proposal for the International Code of Conduct for Outer space Activities. It aims to establish voluntary "rules of the road" for the increasingly important space domain, which is intended for peaceful use and accessible to all nations. Space systems and activities are vital to national and international security and underpin daily activities necessary for our economies to function. These essential services are threatened by the growth of orbital debris, crowding in critical orbits and the radiofrequency spectrum, and lack of agreement about the elements of responsible behavior in space. This paper will examine a rationale behind adopting a code of conduct as well as it will analyze elements a code of conduct should have in order to be effective.
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