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
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.