Code Of Conduct
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Membership of SAVCA implies support of venture capital and private equity
development, advancement of technology and productivity, the creation of
entrepreneurial opportunities in Southern Africa as a means of financing
innovation amongst all enterprises which have significant growth potential in
terms of products, technology, business concepts and services.
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Members will conduct their business in a responsible way and will not engage in
practices which would be damaging to the image and interests of the venture
capital and private equity industries.
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Members will assure a high standard of their investment portfolio and will
avoid financing enterprises or participating in activities which are contrary
to these goals. They will take a long term view of the economy and private
equity and venture capital industries, rather than engage in short-term
speculation.
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Each member shall promote and maintain ethical standards of conduct and deal
fairly and honestly with all business concerns seeking its assistance, with all
companies to or with whom it makes loans or investments, and with all other
private equity and venture capital companies.
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Members will not disclose to their parties any confidential, financial or
technical information acquired in the course of negotiations with potential
investees, or in the course of business with investees, unless they have
received explicit permission for each for such disclosure.
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No member shall malign, defame or unfairly criticise any other member in any
dealings with proposed clients or otherwise.
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No venture capital or private equity fund may be used to promote the welfare or
assist its directors, managers, employees, nominees, and representatives,
except insofar as they benefit from the success of the fund according to
established compensation and profit sharing contracts.
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When two or more members participate in loans or investments, the sponsoring
member and all other participating members shall make full disclosures of all
facts known to them about the proposed client company and all relationships
between the proposed client company, its managers, directors, stock-holders,
employees, nominees or representatives, with the sponsoring members and other
participating members of any of their managers, directors, stockholders,
employees, nominees or representatives.
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Members will not accept subscribe investment capital in their finds from
unspecified sources and will not represent major "blind" pools of capital.
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Members will be accountable to their investors by fully disclosed operating and
financial reports.
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No member will take advantage of its position in SAVCA or abuse any information
addressed to SAVCA.
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Unethical conduct will be deemed to include any evasive device intended to
conceal non-compliance with the Code of Conduct and any regulations enacted by
the proposed Professional Standards Committee, designated by the committee of
SAVCA for its enforcement.
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Members will abide by the code of conduct and all rulings and regulations
issued by the proposed Professional Standards Committee designated by SAVCA
committee.
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