Constitution and Rules

1. The Association is called "ACI U.K. The Financial Markets Association"

2. The Association is affiliated to the A.C.I.- The Financial Markets Association.

3. The objects of the association are to promote good fellowship among dealers and brokers in the UK Financial Markets and 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 UK Financial Markets and to play its part in the affairs of A.C.I

4. There will be two classes of membership, which shall be confined to those who accept the principles set out in the ACI Charter.
a) Membership shall be open to those who are engaged in financial markets together with those working in an area directly related to these activities. They must be employed in a Bank or in an institution supervised by an official regulatory body.
b) Associate membership may be offered to those who do not meet the criteria given in
a) but are felt, by the National Association, to have a role to play in the Association.

5.
a) A member whose qualification for either of the first two categories of membership ceases by reason of retirement, may, on request, continue as an associate member without subscription.
b) 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 the financial markets during his career.

6. Persons to be proposed for election as members must be nominated by two full members. The Committee whose decision shall be final shall handle all election matters.

7. The Association shall be governed by a committee of 13, consisting of (a) the officers of the Association (the President, the Honorary Treasurer and the Vice President) and (b) ten members. The officers must be full members and not more than two of the ten other members shall be associate members. All shall be elected at the Annual General Meeting. Three of the ten members on the Committee who are not the officers of the Association shall retire at each Annual General Meeting and shall not be eligible for re-election until the next Annual General Meeting. However, if any officer (or two or three officers as the case may be) shall retire, as such then only two of such members (or one or none as the case may be) shall so retire. Members who do so retire may be co-opted. Of those ten members, the members to retire at each Annual General Meeting shall be those who have been longest on the Committee since their last election. As between members elected on the Committee on the same day, those to retire shall (unless they otherwise agree among themselves) be determined by lot. The Committee may co-opt such other members, as they may deem desirable provided that the total number of members serving on the Committee shall not exceed 16.

8. The Committee shall have the power to invite a person, whether a member or not, to act as Honorary President of the Association

9. The Committee shall have 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.

10. At the AnnuaI General Meeting each year 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 March, to be presented at the following Annual General Meeting.

11. The Secretary on the instructions of the President or at the request of six or more committee members shall convene committee meetings. Questions arising at any meeting shall be determined by a majority of votes, and in the case of equality of votes the Chairman of the meeting (who shall be the President or in his absence the Vice President) shall have a casting vote.

12. The Annual General Meeting shall be convened by the Secretary on the instructions of the Chairman and will be held not later than the 15th October in each year. An extraordinary general meeting shall be called if 50 or more 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, and must be advised by him to members not less than three days before the date of the meeting.

13. Subject to the required notice having been given, only a majority of full members present at an annual general meeting or extraordinary general meeting shall have the power to make any additions, alterations or amendments to the constitution and rules of the association that may affect membership of A.C.I., but a simple majority of all members present will be sufficient in other matters. In the case of equality of votes the Chairman of the Meeting (who shall be the President or in his absence the Vice President shall have a second or casting vote)

14. 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 the proceedings of the meeting shall be conclusive.

15. 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 8, for general meetings 50

16. The committee shall organise 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

17. The committee shall have the power to terminate the membership of any member whose conduct, in the opinion of the committee, is detrimental to the Association

18. The committee shall fix the amount of the annual subscriptions, which will be due on enrolment and thereafter on the 1st April each year, and the membership may, at the discretion of the committee, be regarded as having lapsed if the subscriptions remain unpaid after six months from that date.

19. The committee shall cause to be kept by the Secretary the records of members, the minutes and such records as they may require.

20. The Secretary and the Honorary Treasurer shall conduct correspondence and perform such other incidental and proper duties as the committee may authorise, and the Honorary Treasurer shall also keep appropriate books of account and receive all monies and pay all expenses.

21. The Honorary Treasurer shall make out a yearly cash account and balance sheet to the 31st March in each year in such manner and form as the committee may direct

22. The Association may be dissolved at any time, on the recommendation of the committee, by a resolution passed at an annual general meeting or extraordinary general meeting by a majority of members present at such a meeting, whereupon the committee shall proceed to realise the property 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.