top of page

Code of Conduct

The Luxembourg Business Angel Network (“LBAN”) recognises the importance of investments and related activities in affecting the livelihoods of others. We accept a personal obligation to our peers and the communities in which we act to commit ourselves to the highest standards of ethical and professional conduct. This code of conduct is a document that outlines the behavioural and ethical framework of the LBAN and should be used as a guideline for the LBAN Members to make sure that they conduct their business in accordance with the mission, values, and principles of the LBAN. Consequently, this code of conduct* is a necessary document to assure the smooth functioning of the LBAN. 

Each LBAN Member is subject to this Code of Conduct. Any breach of this Code shall be sufficient grounds for expulsion from LBAN without limiting the rights of the LBAN, any LBAN Member, or any other party to pursue the LBAN Member in breach for his/her actions.

1. Definitions

  • Business Angel: An individual who invests their own money directly, or indirectly through private investment structures, into startups and provides their time and expertise to support these startups.

  • Corporate: A legal entity with several employees interested in acting as a Business Angel.

  • Business Angel Network: An organization that aims to bring together startups with Business Angels and Corporates who are members of its network and facilitates angel investment for the benefit of both groups.

  • LBAN Member: A Business Angel, individual, or Corporate who, as a member of the LBAN, participates in the activities of the association and contributes to its sustainable development.

  • LBAN      Associate Partner: An enterprise that is interested in connecting with and supporting the development of LBAN’s Start-ups and Business Angels ecosystem, and as such willing to offer its service in the entrepreneurial ecosystem.      

  • LBAN Sponsor / Partner: An established company that further strengthens LBAN in the ecosystem by providing financial support.

  • LBAN: Luxembourg Business Angel Network is an ASBL, founded January 31st, 2011, whose registered office is located at 7, Rue Alcide de Gasperi, L-2981 Luxembourg, Grand Duchy of Luxembourg and which is registered with the RCS under number F-8612.

  • Start-up: A new or growing small- or medium-sized enterprise eligible or looking for investment.

2. Best practices

  • LBAN Members shall conduct their business in a professional manner and will not engage in practices that would be damaging to the market or the image of LBAN. 

  • LBAN Members shall promote and maintain ethical standards of conduct, and at all times deal fairly and honestly with all parties. 

  • LBAN Members shall ensure that they comply with the LBAN Articles of Association and applicable laws.

  • LBAN will not allow Business Angels or Corporates to enter their network if they suspect the monies available for investment to be of questionable origin. LBAN reserves the right to perform an AML/KYC screening via an established service provider. 

  • LBAN and LBAN Members do not discriminate against a person on the grounds of age, health, gender, sexual orientation, mental or physical disability, origin, language, race, skin color, ethnicity or nationality, religious or political views, and membership in a social group.

  • LBAN Members do not use any illegal or dishonest means in order to get hold of information, business, public contracts or information about trade secrets. If an employee of a Start-up were to offer such information to an LBAN Member, the LBAN Member will not accept this but will immediately inform the management of the said company.

  • LBAN Members shall disclose to the relevant LBAN committee, alternatively to the LBAN board of directors, and manage promptly and properly any conflict of interests that may arise.

  • LBAN Members shall not engage in conduct likely to bring discredit on LBAN, their co-investors, the Start-Ups or the ecosystem.

  • LBAN will not engage with      Associate Partners or Sponsors / Partners who might not be in compliance with this code of conduct.  


3. Membership and fees

  • LBAN must provide clear information on fees charged to LBAN M     embers and Start-Ups. 

  • LBAN M     ember offered fees for services to be provided to startups from LBAN portfolio must disclose it to their co-investors before any contract is entered into. 


  • LBAN, LBAN Members, LBAN Sponsors / Partners, and in general all persons or entities adhering or contributing to LBAN commit to comply with GDPR regulations.

5. Confidentiality

  • General obligations for all parties to use all reasonable precautions to manage (storing; disseminating; returning, destroying) confidential information

  • LBAN will take all reasonable precautions to keep LBAN Members’ and Start-up’s information private and confidential.

  • LBAN Members will use circulated information for a given investment opportunity only. It may not be used/shared in a different context.

  • LBAN M     embers take all reasonable means to store the information confidentially. 

  • LBAN and/or LBAN Members must, on demand, return to the requesting party or Start-up any written information or other materials. 

  • LBAN will provide access to information only to those responsible employees, members, and partners whose knowledge is essential for assessment and evaluation for the purpose of the investment opportunity. 

  • The above undertakings do not apply to any information which is in the public domain or is already in the possession of LBAN or which subsequently becomes known to LBAN Members independently. 


     6. Information to LBAN

  • LBAN Members will be invited to complete a confidential annual survey of their business angel investments during the previous financial year (in or outside LBAN deal flow).

  • This information to be collated on an aggregate basis by LBAN will remain entirely confidential and will not be attributed to any individual investor.

  • The aggregated data will be used to monitor trends and developments in the market to increase overall awareness and improve the investment environment for angel investing in Luxembourg.

Being a Member of LBAN, I agree with the terms of this Code of Conduct and commit to comply with its terms at all times.

bottom of page