Any candidate for membership of EFAMA being an association or a corporation must endorse EFAMA's mission:

 -- to support a high level of investor protection through promotion of high ethical standards, integrity & professionalism throughout the industry with particular reference to EFAMA's High Level Principles adopted by the AGM held in June 2004 in Dublin and the Best Practice Discussion Paper adopted by Directors at their meeting in September 2005 (please refer to the section "Standards" on this website);

 -- to promote the completion of an effective single market for investment management and the creation of a level playing field for competing saving and investment products;

  -- to strengthen the competitiveness of the industry in terms of cost & quality through seeking & obtaining improvements in the legal, fiscal and regulatory environment.

Moreover, a candidate must also be able to indicate how it supports this mission in practice.

Candidate associations must:

-- Have significant representation of the investment management market in their respective countries;

-- If they represent investment funds, represent - at least for a substantial part - investment funds regulated by a specific law or regulation which are:
     publicly offered,

     repurchased or redeemed at NAV at the holders request,

     investing in transferable securities,

     operated on the principle of risk-spreading,

     entrusting their assets to a depositary;

-- Be a recognised body for dialogue with the relevant  authorities in their country for at least three years;

-- Have the capacity and willingness of:

     regularly attending EFAMA Board and General Meetings,

     reporting the quarterly statistical data requested by EFAMA's secretariat, at least concerning the main categories,

    contributing to surveys & consultations carried out by EFAMA's secretariat.

The application for membership should include a report covering all the above-mentioned requirements and include information on statistics and other relevant qualitative aspects of the national industry as well as on the regulatory framework for the investment management industry in the respective country.

National associations which do not fulfil all the above-mentioned requirements, or which do not want to seek for full membership, may be granted an observer status by the General Meeting for a transitional period of maximum two years. 

Corporate membership:

Corporate membership is - as a matter of principle - open to asset managers.  However, under particular circumstances, exceptions should be made for corporations which are not asset managers but the principal activities of which are one or more of the other core activities of a fund management company (set out in the annex to Directive 85/611/EEC) or depositary services in the meaning of Articles 7 and 14 of the same Directive. N.B. Membership is open to companies being a full member of at least one national association being a member of EFAMA.

 
In accepting such applicants, EFAMA members should ensure that the principal character of EFAMA as an association for investment management remains intact.

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