Constitution and Rules
1. The Association is called “Financial Markets Associations Malta”.
2. The objects of the Association are to promote good fellowship among financial markets professional in Malta, to provide opportunities for its members to meet for both educational and social purposes so that it may better play a constructive role in maintaining the high degree of professional and ethical conduct amongst those participating in the financial markets in Malta and in markets overseas.
3. There shall be two classes of membership, both of which shall be confined to those who accept the principles set out in this Statute:
- Honorary Membership, which shall be open to those who are actively engaged or have been involved in the financial markets and their work has been relevant for the development of the financial markets in Malta. The Honorary membership is also open to members who have served the Association for at least two years as President or Secretary. The honorary membership is given at the exclusive discretion of the Board of the Association.
- Membership, which may include those who are actively engaged in the financial markets in Malta, working in the financial services industry and actively involved in trading, investment management, compliance, risk management and operations.
4. Persons to be proposed for election as members shall be nominated by two Members. All election matters shall be handled by the Board of the Association, whose decision shall be final.
5. The Association shall be governed by a Board consisting of:
- The officers of the Association: the President, the Secretary and the Treasurer
- A number of members who shall be appointed to take care of the affairs, the education aspect, activities and marketing of the Association.
The officers shall be elected at the Annual General Meeting (AGM) of the Association.
6. The Board members offer their services to the Association on a voluntary basis, and are not remunerated for services rendered. If required however, the Board upon the approval of the AGM is entitled to appoint an administrator to undertake responsibilities in accordance with the policy and instructions handed down by the Board.
7. At the AGM each year two members shall be elected to act as Auditors, who will sign the financial statement prepared by the Treasurer as at the end of the financial year, namely December 31st, to be presented at the following AGM.
8. Board meetings shall be convened by the Secretary on the instructions of the President, or at the request of three or more board members. Questions arising at any meeting shall be determined by a majority of votes, and in case of equality of votes the President shall have a second or casting vote.
9. The AGM shall be convened by the Secretary on the instructions of the President and will be held not later than the end of February of each year. An Extraordinary General Meeting (EGM) shall be called if 20% or more of the paid up members so request in writing, or such a meeting may be convened by the Secretary on the instructions of the President. At least 21 days’ notice of any General Meeting must be given to members by the Secretary.
Advice of any motion which it is proposed to bring forward at any General Meeting must either be given to members in the notice convening the meeting, or must reach the Secretary not less than 14 days prior the meetings, and must be advised by him to members not less than three days before the date of the meetings.
10. No business shall be transacted at any Board Meeting or General Meeting unless a quorum of members is present. The quorum for Board Meetings shall be 3, for General Meeting 20% of paid-up membership.
11. Subject to the required notice have been given, only a qualified majority (75%) of Members present at the AGM or the EGM shall have the power to make any additions, alterations or amendments, to the Statute of the Association, but a simple majority of all members present will be sufficient in other matters. In case of equality of votes the President of the Association shall have a second or casting vote.
12. At any General Meeting a declaration by the President of the Association after any necessary voting has taken place that a Resolution has been carried, and an entry to that effect in the record to the proceedings of the Meeting shall be conclusive.
13. The Board of the Association shall organize and manage a regular programme of meetings 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 are connected.
14. The Board shall have power to terminate the membership of any member whose conduct, in the opinion of the Board of Association, is detrimental to the Associations.
15. The Board shall fix the amount of annual subscription, which will be due on enrolment at the start of the year or at any time such enrolment is done. The annual subscription covers the period between two consecutive AGM.
16. The Board shall cause to be kept by the Secretary the records of members, the Minutes and such records as they may require.
17. The Secretary and the Treasurer shall conduct correspondence and perform such other incidental and proper duties as the Board may authorize, and the Treasurer shall also keep appropriate books of account and receive all monies and pay all expenses.
18. The Treasurer shall make out a yearly cash account and Balance sheet as at 31st December each year in such manner and forms as the Board may direct.
19. The Association may be dissolved at any time on the recommendation of the Board by a resolution passed at an Annual general Meeting or Extraordinary General Meeting by a qualified majority (75%) of members present at such meeting, whereupon the Board shall proceed to realise the properties of the Association and after the discharge of all liabilities shall divide the same equally among all the members and upon completion of such division the Association shall be dissolved.