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Code of Conduct

AFMA Code of Conduct

The AFMA Code of Conduct clearly articulates the ethical principles for acceptable standards of behaviour in financial markets and promotes responsible decision making.

All AFMA member organisations are expected to operate with a certain level of integrity, professionalism and competence. This ensures that the people using and relying on Australia’s OTC markets have complete confidence in the market participants representing them.

 

 

Frequently Asked Questions

What does the Code consist of?

The Code of Conduct is composed of Ethical Principles. The Ethical Principles articulate the fundamental values that AFMA Member organisations and their staff are expected to reflect in their decisions and behaviour. 

When was this version released?
The updated Code was released in July 2022, and remains current until it is reviewed again.
To whom does the code apply?

Observance of the Code is a requirement under Clause 6.5 of the AFMA Constitution. All candidates for AFMA Accreditation must agree to abide by their employer’s internal policies that give affect to the Code. AFMA Members are expected to adopt the Ethical Principles in their dealings in the Australian financial markets.

What is the purpose of the Code of Conduct?

The purpose of the Code is to establish a common understanding of the standard of behaviour expected of all AFMA Member organisations and their employees when conducting business with clients, counterparties and colleagues and when providing financial services to retail and wholesale clients. The Code provides a framework for making decisions in ‘grey’ areas, where there is no clearly articulated rule or legal requirement or where interpretation of principles-based law or rules is necessary.

In the course of their work most individuals will encounter situations where they are required to exercise discretion – for example, when trying to meet a client’s needs or achieve a work-related goal. These situations can be complex and it is often difficult to determine the best course of action. The goal of the Code is to provide a framework for dealing with these issues in an ethical and consistent manner.

How should the Code be used?

AFMA Members organisations should endeavour to incorporate the Code into their internal codes and policies, as well as staff induction processes.

What happens if someone breaches the Code?

AFMA is not a regulatory organisation, and so the Code does not have the force of law and is not binding on members. Most Member organisations have their own internal codes and may utilise other codes for sections of their business. Further, some individuals will belong to professional associations such as a law society or an accounting body, which have their own Codes of Conduct.

AFMA relies on its Member firms to observe the Code and to take appropriate action in response to events that may constitute a breach. In some cases, serious misconduct may also be a breach of the relevant law or regulation..

Is training available?

Yes. Training is offered through the Macquarie Business School Financial Markets Certificate.