Mission and main goals of the Bulgarian Association of Asset Management Companies are:
- support, approve and promote the activity of the asset management companies in Bulgaria;
- unite and coordinate the efforts of its members and defend their professional interests;
- affirm among its members high standards of professionalism, related to their activity.
The members of the Association carry out their activities on the basis of the following fundamental rules of ethical behavior:
- The members shall carry out their activities and relations each other on the basis of fair competition.
- The members of the Association shall make every effort to ensure the greatest transparency of their activities, and in particular of the activities related to asset management. This provision does not derogate from the obligation of the members of the Association to observe confidentiality.
- The investors must be warned about the risks associated with the investment and the results of the activity must be presented to them correctly and accurately.
- An individual investor may not be granted advantages or opportunities that are not available to other investors.
- It is not permissible to seek, collect or disseminate confidential information.
- The members of the Association may not persuade or otherwise influence on asset management or investment companies or other institutional investors to take actions that are directed against the interests of the other members of the Association or the asset management companies outside the Association.
- The means used to achieve a goal must not conflict with the rules included in the Code of Ethics and the Statute of the Association.
- Regarding companies whose securities are included in the portfolio of management funds, all members of the Association need assistance in creating the environment, which offers and publishes up-to-date, accurate and complete information from issuers of securities in interest of shareholders and the development of the Bulgarian capital market.
- In case a member of the Association has hired a person or persons who are former employees of another management company or an investment company managed by him, such persons will not be required to disclose confidential or inside information, which they could have from the period during which they worked for their former employer.
- The members of the Association must not apply working methods that could motivate their employees to provide investors with incomplete, inaccurate or misleading information related to their activities or products.
- In case the positions are sent to public authorities, the media or the general public on fundamental issues of asset management, these positions must always be presented in a way that makes it clear when such a position constitutes a coordinated position of the Association and when it is the individual opinion of an individual member. Making a public statement on the behalf of the Association may not be used to the benefit of an individual member.
- In the relations with the state institutions the members of the Association will give priority to the coordinated actions of the whole Association when defending their interests, especially in the field of legislation. When they are doing so, they must provide appropriate information and support in the process of drafting legislation.
- The employees of a member of the Association may cooperate with state institutions as consultants on a paid basis or free of charge, provided that this activity contributes to the development of the capital markets or supports the solution of state tasks in the field of asset management.
For more information look the CODE OF ETHICS OF THE BULGARIAN ASSOCIATION OF ASSET MANAGEMENT COMPANIES.