Incorporation of the Association
Article 1 – Incorporation and Name
Pursuant to a resolution adopted at its first meeting held prior to the CSD8 Conference held on 27 April 2005in New York, the Africa and Middle East Depositories Association (hereinafter referred to as “the Association”) was established. The name of the Association shall be “Africa and Middle East Depositories Association” with the acronym being “AMEDA”. The Association is a non-profit organization comprising of organizations performing post-trade related activities within the Africa and Middle East region and other regions.
Article 2 – Objectives
The main objective of the Association is to create a forum for the exchange of information and experiences among its Members within a spirit of mutual cooperation, reciprocity and harmony, in order to develop and promote recommendations for best practices in services such as depository, clearing, settlement, efficiency and risk management and other areas, as well as supporting the Members in their efforts to adopt market regulations and practices, while considering their specific circumstances, and serving as a dialogue channel with other global organizations or associations.
In this context, the following objectives of the Association have been defined:
- 2.1 Develop and recommend common standards and best practices in clearing, settlement and depository services for the region and encourage the local markets to put them into practice, with due consideration to the specific situation of each market;
- 2.2 Promote efficiency and cost effectiveness in the clearing, settlement and depository services provided in the region;
- 2.3 Provide a forum to declare best practices for clearing, settlement and depository services seeking market harmonization;
- 2.4 Cooperate with the regulatory authorities of each country to achieve best practices related to clearing, settlement and depository services;
- 2.5 Promote risk management as well as the development of sound and efficient systems for clearing, settlement and depository services;
- 2.6 Share the experiences and information among the Members with the aim of obtaining a wide range of solutions to specific topics within the respective markets as well as within the context of globalization;
- 2.7 Foster a spirit of cooperation and integration among its Members in order to promote the development and improvement of their clearing, settlement and depository services for the mutual benefit of their markets;
- 2.8 Establish working groups and committees, whether permanent or temporary, to co-ordinate tasks and carry out the basic activities of the Association in the pursuit of its objectives;
- 2.9 Develop channels for dialogue with other international organizations or associations when deemed appropriate; and
- 2.10 Provide input and feedback on behalf of the Members to international bodies such as, the World Forum of Central Securities Depositories (WFC), International Securities Services Association (ISSA), and the Committee on Payment and Settlement Systems and the Technical Committee of the International Organization of Securities Commissions (CPSS-IOSCO) projects.
Article 3 – Legal Authority
- 3.1 The Association shall have the legal authority required for the undertaking of its objectives, in accordance with the laws of the country where its headquarters are located.
- 3.2 The Association shall not take any action or endorse any position that might be detrimental to any of its Members or the Association itself.
- 3.3 Any matter that has material or serious consequences to the Association must be referred to the General Assembly for consideration and decision.
- 3.4 The Association is an entity separate from its Members, and does not have the authority, capacity or mandate to bind or act in the name, on behalf, or as agent of any Member.
- 3.5 The Members must be informed of the contracts and other actions taken by or on behalf of the Association.
Article 4 – Duration and Headquarters
- 4.1 The Association is established for an indefinite period of time and maybe registered in accordance with the Egyptian laws. These Bylaws and the Association itself shall be subject to the Egyptian laws.
- 4.2 The permanent headquarters of the Association shall be located in the city of Cairo in Egypt.