PREAMBLE
The primary role of each of our members is to help clients protect their assets and ensure financial security, independence and economic freedom for themselves and those they care about. This requires a noble effort and, above all, a promise on the part of each member to uphold high standards of integrity, trust and professionalism throughout his or her career as a financial advisor.
OBJECTIVES OF THE ASSOCIATION
The Association is a voluntary and independent association of members on the basis of common interest.
The aim of the Association is:
– Cultivation of the financial market and financial advice and it can achieve this goal by addressing the state authorities with demands for legislative changes,
– creating a community of professional financial advisers,
– organising lectures, seminars and similar events to enable the professional growth of its members,
– cooperating with other professional associations and participating with them in the implementation of projects to improve the financial advice market,
– educating the general public on financial literacy.
MAIN ACTIVITY OF THE ASSOCIATION
The Association promotes policies that are important not only to its individual members, but also to the financial advisory profession as a whole. Our interests often coincide with those of other organizations involved in financial advice and planning, so we strive to support each other and emphasize education and engagement of policymakers in the issues and legislation we support.
We are particularly committed to:
– proper regulation of financial planning,
– a uniform fiduciary standard of care, and
– greater oversight of individual advisors to uphold the standard and professionalism of the industry as a whole.
Financial advisors are intricately involved in the handling of clients’ finances, investments and deeply personal information. It stands to reason that they should be tested and held to standards that ensure their competence and sound ethical practices. It is critical that financial advisors meet basic levels of competency and fiduciary standards to prevent fraud, misrepresentation and consumer confusion.
MEMBERSHIP
Membership is open to any natural person who, by virtue of his or her profession, is engaged in research, teaching or any other activity related to the field of finance and economics, or is interested in it, regardless of nationality.
The application for membership must be submitted to the Association in accordance with the relevant procedure – including the required information. Applications shall be decided by the Executive Committee of the Association.
Membership is also open to any professional association or commercial enterprise, financial institutions, government institutions, universities and other organisations. These applications are again decided by the Executive Committee.
Membership may be terminated for any member, irrespective of his/her status in the Association:
– by the member’s own decision, with effect from three months after the resignation has been duly notified to the Executive Committee which decided to admit the member to the Association
– where the member has not duly paid the membership fee, despite repeated calls for payment by the Association. The Association may repeat the invitation to pay the membership fee a maximum of two times, after which the membership shall be automatically terminated.
– by decision of the General Assembly, which may decide to suspend or expel a member for serious misconduct. Before any decision to suspend or expel a member must be given the opportunity to present his/her arguments.
GENERAL ASSEMBLY
The General Assembly shall have full authority and decision-making power to take all measures necessary to achieve the objectives of the Association. Without prejudice to the powers expressly conferred on it by other provisions of these Statutes, the General Assembly shall have full and exclusive power to decide, inter alia
– defining the Association’s strategic plan and its policies
– amending the statutes of the Association
– the approval of the financial statements;
– the voluntary dissolution of the Association
– approving changes to the membership fee
– the appointment and removal of its members
The General Assembly of the members of the Association shall be held annually at a time and place determined by the Executive Committee and called by it. An Extraordinary General Meeting may also be called by the Executive Committee if the interests of the Association so require and may be called only if at least 25% of the members so request.
In all cases, the invitation to attend the general meeting together with the agenda must be sent to all members of the Association by post or other means at least 20 days before the date of the general meeting.
The General Meeting shall be chaired by the President of the Association, in his absence by the President, the President-elect or another member of the Executive Committee elected by the General Meeting.
Decisions of the General Assembly shall be valid only if at least one third of the members present or one quarter of the total number of members are physically present at the General Assembly. If this quorum is not reached, a new General Assembly must be convened.
EXECUTIVE COMITEE
The Executive Committee shall have all management and administrative powers of the Association, except those vested in the General Assembly. It may delegate some of its powers to representatives or ad hoc committees of its own choosing, including those powers expressly conferred on executive committees by these Bylaws.
The Association shall be administered by an Executive Committee consisting of the following members:
– President;
– Vice-Chairman;
– Past Presidents for the two years preceding the current year;
– the editor(s) of the Association’s journal;
– Executive Secretary;
– President (if the President has been elected by the General Assembly).
– 9 members elected at large by the General Assembly.
In addition, the Executive Committee may propose to the General Assembly to elect additional members as non-officers/non-directors of the Executive Committee for a term of office not exceeding 2 years, renewable only once.
The General Assembly must approve the appointment of the members of the Executive Committee and may remove them at any time if good cause is shown.
The Executive Committee shall consist of a minimum of 12 and a maximum of 18 members.
The ordinary annual meeting of the Executive Committee shall be held in conjunction with the Annual Meeting (Conference) and before the General Assembly.
A second meeting of the Executive Committee may be held after the Annual General Meeting to discuss matters arising from it.
Extraordinary meetings, such as interim Executive Committee meetings, may be called by the President, the Chairperson, or at the joint request of a majority of the members of the Executive Committee.
FINANCE
The structure and amount of the annual dues of the members of the Association shall be determined by the Executive Committee and submitted to the General Assembly for approval.
Payment of the annual fee shall entitle members to subscribe to the Association’s journal and to participate in membership events organised by the Association, subject to the conditions set by the Executive Committee. Membership rights shall be limited to the year for which dues have been paid and shall include the right to vote at the Annual General Meeting.
The annual accounts of the Association shall be prepared by the Secretary and duly submitted to the Executive Committee (together with the auditor’s report, if applicable). The accounts shall also be submitted to the members, who shall have the right of final approval at the Annual General Meeting.
DISSOLUTION
The General Assembly may decide to dissolve the association in accordance with the rules laid down for amending the statutes. If the dissolution is approved, the General Assembly shall appoint an official liquidator, determine the powers conferred and allocate any surplus from the liquidation to one or more beneficiaries who are expected to pursue similar objectives to those of the association.