Ethical Standards

The member firms have committed to adhere to the following ethical standards:


VMA member firms always act with integrity and honesty to serve the interests of their clients.

Independence and Exclusivity

The VMA member firms commit themselves to always act independently as well as to exclusively serve the interests of their clients. Each member will receive compensation solely from its client.


The VMA member firms ensure that confidentiality is strictly adhered to at all times.

Conflicts of Interest

The VMA member firms avoid conflicts of interest that could arise e.g. by accepting several mandates in the same industry simultaneously.


The VMA member firms only execute transactions for which they possess the necessary competence. The advisory services are executed with expertise, care, and diligence in a timely manner. Internationally accepted process standards are adhered to.

Professional Conduct

The VMA member firms avoid any and all conduct that could damage the reputation of the VMA, other member firms or competitors that are not yet VMA members.

Quality Assurance

The employees of the VMA members practice continuous professional development in order to ensure that the highest standards of its clients will also be met in the future.