Adopted by the Board of Directors on 29 June 2022
- Scope of application and definitions
This Code of Conduct governs the conduct of Funders when providing Litigation Funding for the resolution of a Claim to a Funded Party based on a Funding Agreement (all as defined below).
- A Funding Agreement is a contract for the provision of Litigation Funding entered into between a Funder and a Funded Party.
- Funders are the members of the European Litigation Funders Association (ELFA). The articles of incorporation of ELFA set forth the membership requirements.
- A Funded Party is a natural or legal person who, based on a Funding Agreement, has the right to receive Litigation Funding from a Funder for the assertion of or the defense against a Claim.
- Litigation Funding is the provision by a Funder to a Funded Party of financial support for the costs of, and where applicable the risks related to, the resolution of a legal dispute, based on a Funding Agreement, in exchange for a remuneration or reimbursement that is dependent upon the outcome of the dispute.
- Claim relates to the claim (or the claims) which are asserted in a dispute whose resolution is sought primarily through litigation or arbitration procedures before a court or tribunal seated in a European Union member state and in member states of the European Free Trade Association.