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The "Association Francaise des Investisseurs en Capital" (French Private Equity Investors Association; hereafter "AFIC") notes that the private equity business involves specialized teams analyzing and then making medium- or long-term equity investments in companies that are generally unlisted, and monitoring these investments until an exit is achieved. AFIC also notes that under the association's by-laws (status), members should offer both their partners and their clients transparency, equal treatment and optimum disclosure, thus guaranteeing the quality of the services that they offer.
Through the fair and honest practices of its members in their transactions, AFIC seeks to enhance the standing of the private equity business and thereby make a positive contribution to the French corporate world.
Although its members do not all have the same legal status and are not all subject to the same regulations, AFIC seeks to harmonize the business practices of its members in order to achieve an image of quality that is both uniform and consistent with its objectives.
AFIC decided to draw up this Code of Ethics, which will apply to all AFIC members according to the terms of article 6 of its by-laws, and which replaces the previous version of that article.
In order to facilitate the proper application of the provisions in this code by its members, AFIC has produced and will continue to produce guides and recommendations on the implementation of the code’s principles. AFIC makes its list of guides and recommendations available to the public using all available means.