Self-regulation

A code of ethics and professional conduct can be better created by trade associations such as the SAAM and adequately adapted to the constant development of the industry better than they can be by lawmaker or a supervisory authority. Not only can trade associations react more flexibly and rapidly to the quickly changing world of financial services; they are closer to the market, client needs and the opportunities and risks that result from them.

In a self-regulating system, lawmakers dispense with a detailed official body of legislation in favour of self-regulation by private organisations. This means that the duality of official regulation and self-regulation is based on trust between the state and the private sector, the self-responsibility of the affected market participants. Room should left for the private sector to implement self-regulatory measures, to the extent that this is meaningful and practical.

Therefore, the SAAM successfully strives for the recognition of its Code of Ethics and Professional Conduct through the courts and financial market supervisory authorities.