Effective from July 2017
The Association is called ACI UK Financial Markets Association (“Association”).
The Association is affiliated to ACI Financial Markets Association.
The objects of the Association are to promote ethical conduct, education, community (good fellowship) and charitable endeavour to ACI members and to the broader financial markets community in the UK; to provide opportunities for members to meet for educational and social purposes and to support ACI Financial Markets Association to promote and maintain the highest standards of professional and ethical conduct for financial markets participants.
There will be two classes of membership, which shall in both cases be confined to those who commit to behave at all times and in all circumstances in accordiance with the ACI UK Constitution and Rules and the Charter and Statutes of ACI Financial Markets Association.
As a condition of membership, ACI UK members commit to maintain, at all times, the highest possible standards in their profession by setting an example of propriety and best ethical behaviour in business, under all circumstances.
ACI UK membership shall be open to those engaged directly in financial markets and those working in an area directly related to these activities.
a) Members must be employed in a bank, institution or financial markets business supervised formally by a regulatory body.
b) Membership may also be offered to those engaged in financial markets activity* that do not meet the criteria given in a) that are felt to have a role to play in the Association.
* E.g. Platforms, technology providers, consultants, lawyers, academics and others supporting financial markets.
The Committee reserves the right to refuse membership to any individual that is deemed not to fulfil the criteria in a) or b) above.
The Committee may, at its discretion, confer honorary associate membership for life, without subscription, on any member who, in its opinion, has made an outstanding contribution to ACI and/or the financial markets industry during their career.
The Committee, whose decision shall be final, shall approve all membership requests.
The Association shall be governed by a Committee of a minimum of 8, comprising of (a) the Officers of the Association (President, Vice President and Treasurer) and (b) Committee Members.
All Officers and Committee Members shall be elected (or re-appointed) at an Annual General Meeting.
The Committee may co-opt such other members to the Committee as it may deem desirable.
The Committee shall have the power to invite a person, whether a member or not, to act as Honorary President of the Association.
The Committee shall have the power to engage a person, whether a member or not, as an Administrator, who may be remunerated for services rendered. This person will be required to undertake responsibilities in accordance with the policy and instructions handed down by the Committee.
At the Annual General Meeting two members shall be elected to act as Auditors, who will sign the financial statement prepared by the Honorary Treasurer as at the end of the financial year, namely 31st December, to be presented at the following Annual General Meeting.
Committee meetings shall be convened at the instruction of the President, or at the request of six or more Committee members. Questions arising at any meeting shall be determined by a majority of votes. In the case of equality of votes, the Chair of the meeting (who shall be the President or in his / her absence the Vice President or such other Committee Member appointed by the President to assume this role) shall have the casting vote.
The Annual General Meeting shall be convened by the Administrator on the instruction of the President.
An Extraordinary General Meeting shall be called if 50 or more members so request it in writing or on the instruction of the President.
As least 21 days’ notice of any General Meeting must be given to members. Advice of any motion which it is proposed to bring forward at a General Meeting must either be given to members in the notice convening the meeting, or must reach the Administrator not less than 14 days, and must be advised by him / her to members not less than 3 days before the date of the meeting.
A simple majority of members present at an Annual General Meeting or Extraordinary General Meeting is required to approve changes to the Constitution and Rules of the Association, nominations for election to the ACI UK Committee and any other motion submitted to the AGM or EGM.
In thecase of equality of votes, the Chairman of the Meeting (who shall be the President or in his / her absence the Vice President or such other Committee Member appointed by the President to assume this role) shall have a second or casting vote.
At any General Meeting a declaration by the Chairman of the meeting, after any necessary voting has taken place, that a resolution has been carried and an entry to that effect in the record of proceedings of the meeting, shall be conclusive.
No business shall be transacted at any Committee meeting or General Meeting unless a quorum of members is present. The quorum for Committee meetings shall be 5; for General Meetings, 30.
The Committee shall organise and manage a regular programme of meetings and events each year. Such meetings are private gatherings, and members are deemed to accept that the views expressed at such meetings reflect the personal opinions of the speakers and are not necessarily those of the institutions with which the speakers may be connected.
The Committee shall have the power to terminate the membership of any member whose conduct, in the opinion of the Committee, does not meet the principles of codes of conduct and best practice authored and published by ACI, as well as codes of conduct and best practice authored and published by other bodies that are relevant to ACI members.
The Committee shall fix the amount of the annual subscription, which will be due on enrolment and thereafter on the 1st January each year. Membership may, at the discretion of the Committee, be regarded as having lapsed if annual subscriptions remain unpaid after six months from that date.
The Committee shall cause to be kept be the Administrator the records of members, minutes and such records as they may require.
The Administrator and Treasurer shall conduct correspondence and perform such other incidental and proper duties as the Committee may authorise, and the Treasurer shall also keep appropriate books of account and receive all monies and pay all expenses.
The Treasurer shall make out a yearly cash account and balance sheet to 31st December in each year in such manner and form as the Committee may direct.
The Association may be dissolved at any time on the recommendation of the Committee, and by a resolution passed at an Annual General Meeting or Extraordinary General Meeting by a majority of members present at such a meeting.
In the event that it is agreed that the Association be dissolved, the Committee shall proceed to realise the property of the Association and, after the discharge of all liabilities, shall divide same equally among all members. Upon completion of such division, the Association shall be dissolved.