The principles and values outlines below are designed to be applied to all members in both regulated and non regulated environments. All African Crowdfunding Association’s members agree that the principles laid out in the Code are important for both business and individuals. Adherence to these principles is a requirement of membership of the African Crowdfunding Association. Each of these principles applies to each member in respect of its investors or donors.
- Investment and donation monies will be kept separate from our business monies in segregated client accounts.
- We will ensure transparency so that, at all times, users can access information regarding their money including where the money is kept, and any relevant transactions.
- We will put in place processes to ensure that our user information is kept safe and secure and that it can still be accessed in the event that we cease to operate.
- We will put in place processes for the orderly winding down of our businesses in the event that we cease to operate, and ensure that investors retain access to and ownership of their investments.
- We will not offer investment advice to users unless authorised to do so.
- We will provide a “cooling-off period”, during which users can cancel or redeem their investment or donation, in accordance with applicable regulatory requirements.
- Our terms and conditions will be clearly written and will explain exactly how the investment or donation process works, what our duties and responsibilities are, what due diligence has been undertaken, and what fees and charges will apply.
- We will hire competent, professional, honest people and make sure we have the appropriate systems and processes in place to run our businesses safely.
- We will ensure that our IT systems and business processes are secure, reliable and proportionate to the nature, scale and complexity of our businesses, and that they are sufficiently robust to facilitate compliance with applicable law, regulations and this Code of Conduct.
- We will comply with the laws and regulations applicable to our sales and marketing activity (including social media), ensure that risks and potential returns are presented clearly in a balanced way, and treat users fairly.
- If users are unhappy about any aspect of our service, they will be able to complain and we will treat those complaints fairly and in accordance with applicable regulation.
- We will promote healthy competition, and will not engage in practices that will discredit, or damage the reputation and growth of, the crowdfunding industry.
- We will not use or compete for each others’ names, trademarks or other intellectual property or data without express permission to do so.
- We agree to periodic audits and reviews of our businesses by the ACfA to ensure compliance with the Policy and Code of Conduct.
- The Directors of ACfA are responsible for the maintenance and effectiveness of this Code. If the Directors are of the opinion that a Member has breached this Code, the Directors shall, acting proportionately and in accordance with the Articles (in so far as they may apply), be entitled to take such action as they see fit, which may include the suspension or expulsion from ACfA of the relevant Member regardless of any subscription paid to ACfA by the Member. The Directors’ interpretation of this Code shall be final.
Members of the African Crowdfunding Association that have signed up to this Code may display the ACfA logo on their websites and other presentation and marketing material.