Code of Conduct on Arms Transfers Act of 1995

Code of Conduct on Arms Transfers Act of 1995 - Prohibits U.S. military assistance and arms transfers to a foreign government unless the President certifies to the Congress that the government: (1) meets specified conditions regarding democracy, including that it was chosen by free and fair elections and promotes civilian control of the military, the rule of law, and respect for individual rights; (2) does not engage in human rights violations, investigates and prosecutes those responsible for human rights violations, permits access to political prisoners by international organizations, and provides access to such organizations in situations of conflict or famine; (3) is not engaged in acts of armed aggression in violation of international law; and (4) is participating in the United Nations Register of Conventional Arms.

Authorizes an exemption from such prohibition for a fiscal year if: (1) the President requests an exemption from the Congress stating that it is in the national security interest to provide military assistance and arms transfers to a government; and (2) the Congress enacts a law approving such request.

Requires the President to submit initial certifications and requests for exemptions in conjunction with the submission of the annual request for enactment of authorizations and appropriations for foreign assistance.

Expresses the sense of the Congress that the House International Relations Committee and the Senate Foreign Relations Committee should hold hearings on controversial certifications and all requests for exemptions.