Constitution for the Nordic Securities Association
1 NAME
The name of the organisation will be the Nordic Securities Association (NSA). In this constitution the association is referred to as NSA.
2 OBJECTIVES and ACTIVITIES
2.1 The NSA aims to promote sound and competitive capital markets in the Nordic region as well as at European and International level.
2.2 NSA represents the common interests of member firms in the Nordic securities dealers associations towards external stakeholders in issues of common interest.
The external stakeholders come both from the Nordic market and from European and international markets.
2.3 When relevant, NSA will promote harmonisation of rules and supervision in the Nordic region and also in a European level.
2.4 NSA may initiate relevant recommendations for member associations.
3 MEMBERSHIP
3.1 The original members of NSA are the Danish Securities Dealers Association, the Finnish Federation of Financial Services, the Norwegian Securities Dealers Association and the Swedish Securities Dealers Association.
4 ADMISSION
The NSA Board may decide to grant NSA membership to other associations with similar business activities.
5 RESIGNATION
A member of NSA may withdraw from NSA. The withdrawal will become effective immediately after the notification of the secretariat or of the Board.
6 BOARD
6.1 The Board of NSA will be the deciding body of the association.
6.2 The Board of the NSA shall comprise of the chairman of the (relevant) board and the managing director or, where relevant, the director for securities market division of each member association. Other members of the member associations’ board may attend NSA Board meetings.
6.3 The Board will be chaired by a member association at a time on a rotating basis. The term shall be one (1) year at a time. The Board may decide to appoint a deputy chair.
6.4 The Board may decide to pass on the chairmanship among member associations.
6.5 The Board meets on a quarterly basis and additionally when necessary.
7 SECRETARIAT
7.1 The Secretariat follows the chairmanship of NSA unless otherwise is decided by the board.
7.2 The Secretariat of NSA will coordinate the meetings of the Board and take care of NSA’s daily administration. The Secretariat will conduct other administrative tasks decided on by the Board.
8 FUNDING AND COST SHARING
The activities of the association will be provided by in-kind contributions from member associations. Additional costs will be shared equally.
9 DECISIONS
9.1 NSA’s decisions and common positions are based on unanimity between member associations.
9.2 In case of diverging opinions, NSA will abstain from acting in the relevant issue.
9.3 Membership of NSA does not inflect member associations’ ability to draw up decisions and positions either individually, bilaterally or jointly with other associations.
10 COMMITTEES and WORKING GROUPS
10.1 The Board forms the necessary committees and working groups on standing or ad-hoc basis.
10.2 Committees and working groups are in charge of developing proposals for common opinions and to draft relevant position papers, etc.
10.3 The committee or working group shall designate an administrative member association and may designate a chair.
11 AMENDMENTS AND ADDITIONS (10/2011)
The Board may unanimously decide on amendments and additions to this constitution. The amendments and additions shall entry into force directly after the Board’s decision.
12 EFFECTIVENESS
The constitution will become effective on 5 October 2011.