The RAFMM President

The President of Russian Association of Financial Market Members (RAFMM) – is selected according to the organization Charter. The RAFMM President as the sole executive body of the Association, heads the Executive Committee, and along with the Council provides the Association activity. The RAFMM President powers are fixed by the Charter and corresponding Regulations. So, according to the RAFMM Charter the President is selected by the Association Council among the RAFMM Participants. The RAFMM President is the physical person who operates on behalf of the Association without the power of attorney, represents its interests in all state and commercial structures, in the country and abroad and also makes all kinds of deals provided by the RAFMM activity. Besides, the President issues the powers of attorney on the right of representation on behalf of the RAFMM, including ones with the assignment right. The President of Association issues orders on the employees appointment on the RAFMM management personnel posts, orders on their transfer or dismissal, takes measures of encouragement or imposes disciplinary penalty. Thus, the RAFMM president has a wide range of the powers which is not related by the RAFMM normative documents to the competence of the Council or the Executive Committee.

According to Regulations of the Executive Committee work the RAFMM President takes part in its work and has the exclusive right to send on the reconsideration the decision made by the Executive Committee in any situation on which there was a voting, in case of the disagreement with the voting results. Besides, in case of the facts detection of the RAFMM Participant’s activity discrepancy to conditions, defined by its status, certificates and licenses of the RAFMM, the President along with the Executive Committee can make the decision on imposing of penal sanctions on such participant, and also on the amount and character of these sanctions. With the President’s approval changes are made in all regulations and documents of the RAFMM.

Powers, rights and duties of the RAFMM President are determined besides standard documents of the Association – by the Charter and Regulations, as well by the contract concluded between the RAFMM and the person elected on a post of the Association President, and also by the civil legislation of the Russian Federation on activity of the noncommercial organizations.

The President is the full–fledged Association participant with the rights and the powers described in the Basic Regulations and Regulations of Committees.