Asian Financial Cooperation Association Articles


Asian Financial Cooperation Association Articles

CHAPTERⅠ GENERAL PRINCIPLES

        Article 1 The name of the organization is Asian Financial Cooperation Association (hereinafter referred to as “AFCA”).
        Article 2 AFCA is a regional multi-non-governmental and non-profit organization, mainly composed of financial institutions, associations of the financial industry and relevant professional service agencies as well as individuals in financial field from Asian countries and regions.
        Article 3 AFCA abides by constitutions, laws and regulations of countries of registration as well as social morality. AFCA’s positioning is as follows: Endeavor to be open and inclusive, with a foothold in Asia. AFCA targets primarily financial institutions, associations of the financial industry and relevant professional service agencies from Asian countries and regions. Financial institutions beyond Asia are also welcome to join in AFCA. Enhance connectivity and deepen cooperation. AFCA establishes platforms for business contact and communication between trans-regional various financial institutions, and deepens regional financial cooperation. Be keen on joint construction, governance and sharing. All members shall establish and manage the platform together, share services, and provide strong support for the growth of Asian economy and the development of the financial markets. Our philosophy is “Connectivity, Cooperation, Joint Governance and Shared Benefits.”
        Article 4 The registration authority of AFCA is the Ministry of Civil Affairs of the People’s Republic of China, and the superior business agency is China Banking Regulatory Commission. AFCA is subject to the operational guidance and supervision of China Banking Regulatory Commission and the Ministry of Civil Affairs of the People’s Republic of China.
        Article 5 The domicile of AFCA is in Beijing, the People’s Republic of China.

CHAPTERⅡ SCOPE OF BUSINESS

        Article 6 Scope of Business
        (1) To organize forums and seminars to discuss issues of common concerns in the international financial community and exchange optimal financial practices and research achievements;
        (2) To build a mechanism for daily communication, promote sharing of experiences and business contact among various types of members in different regions, and jointly maintain stabilization of regional economy and finance;
        (3) To coordinate communication between members and related regional monetary policy and regulatory authorities, regarding topical issues of regional and global financial regulatory policies and potential regional systematic financial risks;
        (4) To promote connectivity in regional financial infrastructure and cooperation in key financial activities, crackdowns against financial crimes and prevention and control of financial risks;
        (5) To work toward the consensus of green finance, introduce optimal experiences of green finance, coordinate the work to build a green finance system, help to form supporting policies of green finance, improve regional and international cooperation in green finance, and empower financial institutions to engage in green investment and finance and manage environmental risks;
        (6) To accelerate innovation and development of inclusive finance, promote the integration of finance and technology, enhance financing capacity of small and medium-sized enterprises, promote social business lawfully and good samples of inclusive finance, and improve awareness of social responsibility among relevant members;
        (7) To work toward the establishment of a system to protection financial consumers’ rights and interests, enhance effectively the education of financial consumers, and guide relevant members to build a long-term mechanism to protect consumers’ rights and interests;
        (8) To integrate regional financial statistical data, establish a relevant Big Data System, and put it into use;
        (9) To release research reports on regional finance and build regional relevant think tanks;
        (10) To promote mutual recognition of relevant professional qualifications across regions, and help organize high-level training programs on financial business; and
        (11) Other duties to be assumed by AFCA.

CHAPTER Ⅲ MEMBERS

        Article 7 AFCA members are classified into institutional members and individual members. Institutional members mainly include financial institutions, associations of the financial industry and relevant professional services agencies in Asia. Individual members mainly include executives and senior specialists with significant influence in financial fields in the region.
        Article 8 Candidates applying for AFCA’s membership shall meet the following conditions:
        (1) To support and comply with AFCA’s Articles;
        (2) To voluntarily apply for AFCA’s membership;
        (3) To have significant influence in their professional field; and
        (4) Other conditions required by AFCA.
        Article 9 Application Procedures:
        (1) To submit the application;
        (2) To be approved by the Board of Directors; and
        (3) To be granted with membership certifications by the Board of Directors.
        Article 10 AFCA’s Members shall have the following rights:
        (1) The right to vote and to be elected.
        (2) The right to speak and make proposals at relevant conferences of AFCA;
        (3) To participate in activities organized by AFCA;
        (4) To get services provided by AFCA with priority;
        (5) To supervise work of AFCA and give criticism and suggestions;
        (6) To voluntarily join in or withdraw from AFCA; and
        (7) Other rights granted by AFCA.
        Article 11 Members shall fulfill the following obligations:
        (1) To comply with AFCA’s Articles, and enforce its resolutions;
        (2) To protect AFCA’s legal rights and interests, and protect members’ common interests;
        (3) To actively assist with AFCA’s work and participate in AFCA’s activities;
        (4) To complete AFCA’s work;
        (5) To pay membership fees as stipulated;
        (6) To present documents to AFCA that are not assumed to be business secretes by most people; and
        (7) Other obligations to be fulfilled by members.
        Article 12 A member shall inform AFCA in writing of its withdrawal from the organization three months in advance and its membership shall be terminated upon the receipt of written confirmation from AFCA and the member shall return its membership certification. Membership is automatically terminated if a member does not pay its membership fees or participate in AFCA's activities within one month upon receipt of warning after the member fails to pay the fees or participate in AFCA’s activities without due cause for one year;
        Article 13 In case of merger, division or dissolution of an institutional member, the original membership shall be changed or terminated accordingly. Relevant procedures shall be followed if the member needs to apply again for its membership;
        Article 14 Members who violate AFCA’s Articles,or damage common interests of other members, shall be dismissed from AFCA by voting in the Board of Directors.

CHAPTER Ⅳ ORGANIZATIONAL STRUCTURE,  ELECTION AND DISMISSAL OF THE PERSONNEL IN CHARGE

        Article 15 Organizational Structure of AFCA:
        (1) The General Meeting;
        (2) The Board of Directors;
        (3) The Executive Board;
        (4) The Board of Supervisors;
        (5) The Secretariat.
        Article 16 The General Meeting has the most authority and undertakes following duties: 
        (1) To formulate and amend AFCA’s Articles;
        (2) To elect and dismiss Chairman, Vice Chairmen, Secretary General, Executive Directors, Directors, Chief Supervisor, Deputy Chief Supervisors, and Supervisors;
        (3) To deliberate on work reports and financial statements of AFCA;
        (4) To deliberate on the membership fees management system and charging standard;
        (5) To make decisions on dissolution of AFCA; and
        (6) To make decisions on other major issues.
        Article 17 The General Meeting shall be held only if at least two thirds of all members are present, and resolutions shall be passed by the votes of at least half of attendees.
        Article 18 The General Meeting serves on a three-year term and holds one conference every three year. In case of an earlier or deferred change of term for special reasons, it shall be approved by the voting in the Board of Directors, and reported to the superior business agency for examination and to the registration authority for approval. However, such deference shall not be more than one year.
        Article 19 When the General Meeting is out of session, the Board of Directors can hold an interim conference to discuss significant issues upon written proposals by at least one third of the members.
        Article 20 The Board of Directors is the executive body of the General Meeting and shall lead work and be responsible to the General Meeting when it is not in session.
        Article 21 Duties and Responsibilities of the Board of Directors
        (1) To enforce resolutions by the General Meeting;
        (2) To nominate Chairman, Vice Chairmen, Executive Directors, and Directors;
        (3) To prepare for a plenary session;
        (4) To report work and financial conditions to the General Meeting;
        (5) To decide on recruitment and dismissal of a member;
        (6) To decide the issues of establishing branches, representative offices and entities, and lead them in work and decide the employment of heads;
        (7) To decide the hiring of Deputy Secretary Generals;
        (8) To propose revision of AFCA’s Articles;
        (9) To deliberate on annual work plan, financial budget and final accounts of AFCA;
        (10) To examine and approve internal management system such as salary system;
        (11) To decide on other major issues.
        Article 22 The Board of Directors shall hold a conference only if two thirds or more of Directors are present, and resolutions shall be passed by votes of two thirds or more of attendees.
        Article 23 The Board of Directors shall hold at least one conference each year. Under special conditions, a conference can be held through telecommunications.
        Article 24 The Board of Directors shall be composed of several Directors and serves on a three-year term.
        Article 25 AFCA sets up the Executive Board that is elected from the Board of Directors. The Executive Board shall enforce rights of Numbers 5, 9 and 10 under Duties of the Board of Directors and be responsible to the Board of Directors when the Board of Directors is out of session.
        Article 26 The Executive Board shall hold a conference only if two thirds or more of the Executive Directors are present, and resolutions shall be passed by the votes of two thirds or more of attendees.
        Article 27 The Executive Board shall hold at least one conference every six months. Under special conditions, a conference can be held through telecommunications.
        Article 28 The Executive Board shall be composed of Chairman, Vice Chairmen, Secretary General, and other Executive Directors, and it serves on a three-year term.
        Article 29 The Board of Supervisors is an internal supervisory body of AFCA, and Supervisors can attend conferences of the General Meeting, the Board of Directors and the Executive Board as nonvoting delegates.
        Article 30 Duties of the Board of Supervisors:
        (1) To supervise collection of membership fees and enforcement of financial budgets and final accounts;
        (2) To supervise work of AFCA;
        (3) To supervise fulfillment of members’ obligations;
        (4) To nominate Chief Supervisor, Deputy Chief Supervisors and Supervisors;
        (5) To supervise other major issues.
        Article 31 The Board of Supervisors shall hold a meeting only if two thirds or more of supervisors are present, and resolution shall be passed by the votes of two thirds or more of the attendees.
        Article 32 The Board of Supervisors shall hold at least one conference each year. Under special conditions, a conference can be held through telecommunications.
        Article 33 The Board of Supervisors shall be composed of Chief Supervisor, Deputy Chief Supervisors and other Supervisors and serves on a three-year term.
        Article 34 The Secretariat
        The Secretariat, standing working body of AFCA, shall undertake the following duties:
        (1) To prepare for conferences of the General Meeting, the Board of Directors, the Executive Board and others;
        (2) To enforce resolutions of the General Meeting, the Board of Directors and the Executive Board;
        (3) To prepare work report and financial statements;
        (4) To be responsible for fund raising and daily operation of AFCA;
        (5) To draft or revise documents on internal management systems;
        (6) To handle issues concerning members’ recruitment, withdrawal and daily communication;
        (7) To set up offices of the Secretariat; and
        (8) To decide on other relevant issues.
        Article 35 Chairman, Vice Chairmen, Secretary General, Chief Supervisor and Deputy Chief Supervisors shall meet the following conditions:
        (1) To observe laws and discipline, be diligent and dedicated, and have a good personal credit record;
        (2) To have relevant professional knowledge, experience and capabilities, and have major influence in business fields of AFCA;
        (3) To be healthy and able to fulfill responsibilities. The maximum age of Chairman, Vice Chairmen and Secretary General shall be less than 70;
        (4) To have full capacity for civil conduct;
        (5) No other conditions exist that bar one from taking office.
        Article 36 If Chairman, Vice Chairmen and Secretary General of AFCA exceed the age ceiling, it shall be approved by voting in the Board of Directors and then reported to the superior business agency for examination and to registration authority for approval before they take office.
        Article 37 Tenure of Chairman, Vice Chairmen, Secretary General, Chief Supervisor and Deputy Chief Supervisors of AFCA shall be three years. Chairman shall not seek a second term; and Vice Chairmen, Secretary General, Chief Supervisor and Deputy Chief Supervisors shall not serve for more than two terms. Under special conditions, their tenure can be extended if it is approved by the votes of two thirds or more of members of the General Meeting, and then reported to the superior business agency for examination and to the registration authority for approval before they resume duties.
        Article 38 Chairman of AFCA shall fulfill the following duties:
        (1) To preside over conferences of the General Meeting, convene and preside over those of the Board of Directors and the Executive Board;
        (2) To organize and lead various major work;
        (3) To check enforcement of resolutions by the General Meeting, the Board of Directors and the Executive Board;
        (4) To nominate the Secretary General;
        (5) Other duties
        Article 39 Vice Chairmen of AFCA shall fulfill the following duties:
        (1) To assist Chairman with work; 
        (2) To be acting Chairman of the Board of Directors when Chairman fails to fulfill his/her duties for certain reasons; and
        (3) Other duties of Vice Chairmen shall be executed.
        Article 40 Chief Supervisor of AFCA shall fulfill the following duties:
        (1) To convene and preside over conferences of the Board of Supervisors;
        (2) To lead work of the Board of Supervisors; and
        (3) Other duties of Chief Supervisor shall be executed.
        Article 41 Deputy Chief Supervisors of AFCA shall fulfill the following duties:
        (1) To assist the Chief Supervisor with work;
        (2) To be acting Chief Supervisor of the Board of Supervisors when Chief Supervisor fails to fulfill his/her duties for certain reasons; and
        (3) Other duties of Deputy Chief Supervisor.
        Article 42 Secretary General shall be a full-time Chinese staffer and is an automatic Director of the Board of Directors. Secretary General shall be the legal representative of AFCA and lead work of the Secretariat. Legal representative of AFCA shall not hold an equivalent post of any other groups.
        Article 43 Secretary General of AFCA shall fulfill the following duties:
        (1) To represent AFCA and sign important documents on behalf of AFCA;
        (2) To be in charge of daily work and help implementation of annual work plan;
        (3) To coordinate work among all branches, representative offices and entities;
        (4) To preside over all conferences of AFCA, other than those of the General Meeting, the Board of Directors and the Board of Supervisors;
         (5) To nominate Deputy Secretary Generals;
        (6) To decide on employment of the staff of the Secreariat; and
         (7) To handle other daily activities.

CHAPTER V  PRINCIPLES OF MANAGEMENT AND USE OF ASSETS

        Article 44 Sources of AFCA’s Funds
        (1) Membership fees;
        (2) Donations;
        (3) Endowments;
        (4) Income from approved activities or services;
        (5) Interest;
        (6) Other legitimate income.
        Article 45 AFCA shall charge membership fees according to relevant regulations of countries of registration.
        Article 46 AFCA’s funds shall be used for business development within the scope as promulgated in AFCA’s Articles, and shall not be distributed among members.
        Article 47 AFCA shall establish a strict financial management system to ensure legitimacy, truthfulness, accuracy and completeness of accounting information.
        Article 48 AFCA shall have hire qualified professional accounting personnel. Accountants shall not serve as a cashier. Accounting personnel must carry out financial accounting and implement accounting supervision. Accounting personnel must go through the handover procedures with the takeover personnel when they are transferred to another post or resign.
        Article 49 AFCA’s assets management shall follow financial management system of countries of registration, and be subject to supervision of the General Meeting and the Financial Sector. AFCA’s assets from appropriations and donations from countries of registration are subject to supervision from audit agencies. Audit results shall be disclosed to AFCA’s members and the public in proper ways.
        Article 50 AFCA shall be subject to financial audits from the registration authority and superior business agency at the end of a term or change of legal representative.
        Article 51 Assets of AFCA shall not be embezzled, distributed privately or misappropriated by any group or individual.
        Article 52 Full-time staff shall be compensated by AFCA, and compensation shall depend on AFCA’s development, specific business areas and economic development in region where they serve.

CHAPTER VI  PROCEDURES TO AMEND THE ARTICLES

        Article 53 Amendments to AFCA’s Articles shall be adopted by votes of the Board of Directors, and submitted to the General Meeting for deliberation.
        Article 54 Amendments to AFCA’s Articles shall be submitted to the superior business agency for examination and approval within 15 days after they are approved by the General Meeting, and come into effect after ratification by the registration authority.

CHAPTER VIIDISSOLUTION PROCEDURES AND DISPOSAL OF PROPERTY

        Article 55 If AFCA completes its missions, or dissolves itself, or needs to be deregistered due to any division or merger, the Board of Directors shall propose a motion of dissolution.
        Article 56 The dissolution motion shall be adopted by votes of the General Meeting and submitted to the superior business agency for examination and approval. .
        Article 57 Before dissolution, AFCA shall set up a liquidation committee with guidance of the superior business agency and other relevant organizations to settle claims and debts and handle post-dissolution issues. AFCA shall not conduct any business irrelevant to liquidation during the course of liquidation.
        Article 58 AFCA shall be dissolved after deregistration formalities at the registration authority.
        Article 59 AFCA's residual assets after dissolution shall be used for the cause related to AFCA’s missions under supervision of the superior business agency and the registration authority in accordance with relevant government regulations.

CHAPTER VIII SUPPLEMENTARY PROVISIONS

        Article 60 The articles are adopted by votes of the General Meeting on May 11, 2017.
        Article 61 The official languages of AFCA include Chinese and English.
        Article 62 The Board of Directors of AFCA reserves all rights of interpretation of the Articles.
        Article 63 The Articles come into effect on the date when AFCA obtains approval from the registration authority.