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As giving a GREAT IMPORTANCE TO the ethical principles,

The Association RECOMMENDS the consideration of these principles in the relations as well as between the Association and its Members, and as between its Members - the leasing companies and their Customers the lessees and the Suppliers.

The Ethical code consists of the following parts:



The present document is an act of a free will, referred to hereinafter as “The Code” and created by the Bulgarian Association for Leasing, referred to hereinafter as “the Association” with the following aims:

Article 1 To establish in written form ethical principles for the Bulgarian leasing companies - Members of the Bulgarian Association for Leasing, referred to hereinafter as “the Members


Article 2 To promote the mutual understanding, the fair and free competition between the Members, to create the best possible conditions for protection of the legal rights and interests of the clients, for the development of the leasing business and the maintaining of the good reputation of the Association and its Members.



Article 3 The Members of BAL should follow the principle of fair and loyal competition in the business relations among them, by using only lawful and ethical means.

Article 4 The relations among the Members are based on accessibility, mutuality and trust, as they exchange current and precise information.

Article 5 The Members do not use in their advertising unfair or misleading information related to their activity or the one of their competitors and do not apply advertising approaches, which are in contradiction with the good commercial practice and harm or could harm the relations among them or the ones with their Customers.

Article 6 The attraction of new Customers has to be done by the Members through emphasizing of the advantages of their offers, and not through negative comparisons with the offers of the other Members;


Article 7 The employees of the Members of the Association have to restrain from negative comments about the other Members.



Article 8 The Association represents and protects the interests of the Members in front of the Official authorities, the other institutions and organizations, and in conduction of internal and international seminars with the relevant means. The Association helps for discussions and proposals in front of the competent official authorities, based on the opinion of its Members concerning the legislation in the area of the leasing activity.

Article 9 The Association conducts under its management periodical meetings and informs the Members about the legislation in force, adopted by the Parliament, the Ministries and the official authorities, concerning the leasing activity and gives information to the Members and the publicity for international agreements, conventions or other international regulations in the area.

Article 10 The Association helps for the settling of different disputes between the Members including through the engagement of proper experts for their clarification, interpretation and solving.

Article 11 The Members follow the principle of mutual fairness and trust to the Association and they do not permit any harm on its good name. In cases of violations of ethical values and misconduct, the Members who adopted the present ethical principles inform the Association.



Article 12 In the process of conclusion of deals with the Customers, the Members respect the interests and the rights of their Customer by obeying the law, the internal rules of the leasing company as well as the present Code.

Article 13 The Members identify the Customer - lessee prior the signing of a leasing contract for leasing product or service. They do not enter in contractual relations and do not perform any business activity with anonymous or unfair persons and also in the cases, required by the law.

Article 14 The Members (including their employees) have to refuse and to not provoke the receiving of any undisclosed material or non-material benefits in order to perform or restrain from performing of certain business, even if the acceptance of such benefits would not be considered as a crime.

Article 15 The Members do not obstruct in any way the realization of the right of their client to choose a leasing company, a type of leasing product or service, except if the Customer has not taken any such engagement to the leasing company in written form, or as prescribed by Law.


Article 16 The relations between the Members and the Customer are committed in written form, clearly and in understandable way, as the clauses include the rights and the obligations of the both parties.

Article 17 The Members present full, fair and accessible information on their main products or services offered, on the way of accounting of the due payments and the price of the leasing services.

Article 18 The written conditions and terms of the leasing contracts and services are presented in understandable language, without misleading terminology and expressions and by avoiding foreign words, following the principles of fair and balanced description of relations between the Member and the Customer

Article 19 The Members consult their Customers depending on the specific case by giving precise and professional information regarding the deals and the particularities in the usage of the separate asset.


Article 20 In the process of offering their products and services towards the Customers, the Members have to avoid the application of business and tax practices which could harm the reputation and the possibilities for development of the leasing business.



Article 21 In the process of offering of their leasing products in front of the Suppliers, the Members are proceeding towards increasing of the volumes of their business through emphasizing of the advantages of their offer and not by commenting of the disadvantages of the other Member’s offers.

Article 224 The Members have to restrain from paying commissions to the Suppliers for attraction of a Customer, which exceed the current market rate. The Members have to restrain from paying direct commissions to the employees of the Suppliers and also of advance commissions to the Suppliers, related to deals, which have not been realized as per the moment of payment of the commission.



Article 23 Members of the Managing Board of the Association have to restrain form using their positions with the aim to popularize any Member, to attract Customers or to receive any other personal benefits or for them or for the Members, which they represent.

Article 24 In cases of public events, the members of the Managing Bodies of BAL clearly divide their functions in this capacity in the Association, from their functions in the Member company, which they represent. In their statements in such events, the members of the Managing Bodies have to indicate exactly if the expressed opinion or a statement is on behalf of the Association, on behalf of the Member- company or a personal one.



Article 25 The Present Ethical Code is adopted by the Management Board of the Association on 17th October, 2006 and amended by the General Assembly of the Association on 21st February 2017.

Article 26 The Members could accept the present Code voluntarily, through a written declaration with which they take the obligation to obey its principles and provisions. The present Ethical Code as well as the list of the Member companies which adopted the Code is published on the web - site of the Association. Each Member who has adopted the Code and is included in the list could be defined as a Member of BAL who accepts and follows the Ethical Code of the Association.

Article 27 Under the articles of the present Ethical Code, the members of the Management of the Association are members of the Management Board or members of special committees, constituted with a decision of the Management Board. The following of the ethical rules of the Code in relation of the obligations of the members of the Management Board is obligatory.

Article 28 The employees of the Association have to keep neutral position in disputes between the Members in relation to the Ethical Code.

Article 29 The Management Board observes the application of the Ethical Code as for this aim it can approve the creation of a special commission which can review specific cases and can present information to the Management Board.

Article 30 The Management Board can decide if there is any violation of the Ethical Code and how serious the violation is. Based on such decision, the Management Board can decide to recommend to specific Members certain measures, the application of which can correct their behavior and conform the Code. In cases of heavy and systematic violations of the Code, the Management Board can decide to expel the violating Members from the list of the member companies who follow the Code. The expelled from this list Members could not present themselves as Members of BAL who accept and follow the Ethical Code of the Association.