13 January 2006

EFAMA published Code of Conduct for European Investment Management Industry

European Fund and Asset Management Association, EFAMA, published a discussion paper on its Code of Conduct which sets forth High Level Principles and Best Practice Recommendations. It should serve as a basis for discussion with the Commission and CESR. The Code sets forth high-level principles, which EFAMA regards as key elements of proper business conduct. Such principles are complemented and interpreted by best practice recommendations. In addition to this Code, EFAMA may issue detailed guidelines on specific issues that require more technical regulation.

The Code refers to the core principles of both the UCITS Directive, in particular the rules of conduct as called for in its Article 5h, and the Markets in Financial Instruments Directive, in particular the rules relating to conduct of business, advice and best execution.

Document

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