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..