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1. Terms and Abbreviations

1.1 “Articles” means the Articles of Association of UK Business Angels Association.
1.2 “UK Business Angels Association Logo” means the identification logo of the trade association as it appears on this page, or other logo adopted from time to time.
1.3 “The Board” means the Board of Directors of UK Business Angels Association in accordance with the Articles.
1.4 “Code of Conduct” means the UK Business Angels Association code of conduct as amended from time to time.
1.5 “Disciplinary Procedure” means the UK Business Angels Association disciplinary procedure as amended from time to time.
1.6 “FSMA” means the Financial Services and Markets Act 2000 as amended.
1.7 “Member” means a Full Voting Member of UK Business Angels Association in accordance with the Articles. 1.8 “Membership Criteria” means the standards that must be achieved by a Member for the application for membership to be successful. The Membership Criteria are set out on the application form.

2. Best Practice

2.1 Members shall conduct their business in a professional manner and will not engage in practices, which would be damaging to the image of the business angel market.
2.2 Members shall promote and maintain ethical standards of conduct and at all times deal fairly and honestly with all parties.
2.3 Members shall ensure take best measures to display the UK Business Angels Association Logo on their website, letters, forms or other paperwork, as soon as practicably possible.
2.4 Members shall ensure that they comply with the Membership Criteria so long as they are a member.
2.5 Members should have appropriate Professional Indemnity Insurance.
2.6 Members should use all reasonable endeavours to ensure that investors and investees are fully conversant with the investment process.
2.7 Before a member enters into a contract with an SME, a competent and experienced member of the member’s team will have received a copy of the comprehensive business plan of the SME and will have
a meeting with the authorised representatives of the SME to discuss the plan and the SME’s fund raising proposals generally.
Individual member sign up (continued)

3. Service Levels

3.1 Members must have clear written terms of business.
3.2 Members must have a clear registration process for engaging companies seeking investment and investors.
3.3 Members must have written procedures in place for handling complaints that are available on demand.

4. Information on Fees

4.1 Members must provide clear information on fees charged.
4.2 All fees that are to be charged must be disclosed by the Member before any contract is entered into.

5. Confidentiality

5.1 Members will take all reasonable precautions to keep investors’ information and investees’ information private and confidential.
5.2 Members must return to the investee on demand any written information or other materials.
5.3 Members will use investee information solely for the purpose of raising finance, and not exploit it or otherwise apply it in any way.
5.4 Members will restrict access to information to those responsible employees and partners whose knowledge is essential for assessment and evaluation for the purpose of raising finance.
The above undertakings do not apply to any information which is in the public domain or is already in the possession of UKBAA or which subsequently becomes known to Members independently.

6. Information to UK Business Angels Association

Members shall supply such information to UK Business Angels Association as may be reasonably requested by the Board. In particular Members will complete the “Annual statistics survey” on a timely basis every year, providing details of all transactions completed in the previous year using the relevant data sheets provided.

7. Update Member Profile and Contact Information

The Member is responsible for keeping their profile on the UK Business Angels Association website up-to-date and alerting the trade association team about any changes to the profile or any changes in contact details.

8. FSMA

The FSMA is all-embracing and all members must be fully conversant with its provisions.

9. Compliance

9.1 Members must at all times comply with the Code of Conduct, as amended from time to time by the Disciplinary and Membership Committee (as defined in the Articles).
9.2 A Member’s failure to comply with the Code of Conduct will be dealt with at the discretion of the Disciplinary and Membership Committee in accordance with the Disciplinary Procedure.