Members are required to comply with the Association’s statutes, by-laws and rules.
In essence, this means:
(a) Members must pay the annual membership fees.
Members newly admitted to the Association pay a pro rata fee covering the period of the year from the date of their admission. Membership fees are payable in full for the financial year in which a resignation or loss of membership takes effect. In the event of a resignation or loss of membership, members have no claims to the assets of the Association. Any net surplus remaining after the liquidation of the Association shall be distributed to the members equally. The members shall not be personally liable for any deficit remaining after the liquidation of the Association.
(b) Full members must comply with the just and equitable principles of business or trade and must observe good market practice when engaging in transactions in international securities governed by the ICMA rules. Full members are expected to apply the highest standards of professional integrity to all their business dealings.
(c) Full members must record details of all transactions involving international securities and store such records for a period of at least five years.
(d) The Association’s rules and recommendations apply to all transactions in international securities as defined in the rules (excluding the syndication and allotment process or repurchase and other transactions entered into under the Global Master Repurchase Agreement or similar master agreements) between full members, unless specifically agreed otherwise by the parties at the time of concluding a transaction.
(e) In the event of a breach or contravention by a member of the Association’s statutes, by-laws or any rules, or in the event of a member causing substantial damage to the interests of the Association, such member may be subject to disciplinary sanctions (including reprimands, fines, suspension or loss of membership).
For further details, please see the Association’s statutes, by-laws, rules and recommendations which are available upon request from our membership department.