A member of BAAMC can be any local legal entity that has received permission under Bulgarian lagislation to operate as an asset management company within the meaning of the Public Offering of Securities Act (POSA), which accepts the goals of the Association and wishes to work to achieve them. A member of the Association can also be a foreign management company from a member country of the European Union, which has the right to operate this activity and offer funds in Bulgaria according to POSA, accepts the goals of the Association and wants to work to achieve them.
Associated members of BAAMC can be commercial companies, non-profit legal entities and other legal entities that perform activities, provide services or unite participants that perform activities or provide services on the capital market. The associate member has the right through his representatives:
- To participate in the activities of the Association and in the work of the General meeting without the right to vote in decision-making;
- To be informed about the activity of the Association and to use the information collected by the Association free of charge, unless the Board of Directors has imposed restrictions on the use of certain types of information;
- To propose changes in the structural and internal acts of the Association, as well as to adopt new ones.
New members of BAAMC are accepted by a decision of the General meeting after submitting the necessary documents specified in the statute of the Association.
Each member of the Association has the right to:
- to participate in the management of the Association and to be elected in its bodies;
- to exercise control over the activity of the managing body;
- to be informed about the course of the activity of the Association;
- to ask questions for consideration and assistance in resolving them, related to its activity;
- to get acquainted with the content of the decisions taken by the bodies of the Association and to review and receive copies of the protocols in which they are reflected;
- to use the property of the Association and the results of its activity by an order determined by the Board of Directors;
- to submit proposals for amendment and supplement of the Statute or for a change of the organization of work of the Association.
Each member of the Association is obliged to:
- to observe the Statute, the Code of Ethics and the other internal acts of the Association, and to implement the decisions of its bodies;
- to pay an annual membership fee in the amount and term determined by the General meeting of the members of the Association;
- to make additional property contributions in connection with the activity of the Association, for which the member has given its consent;
- to assist for the effective functioning of the Association and achieving its goals;
- not to use its membership in the Association for the achievement of goals, contrary to the Statute of the Association and / or the interests of other members of the Association;
- to keep and confirm the good name of the Association;
- to notify the Association immediately of any changes in the submitted documents of the company, respectively, by submitting to the Association within ten days a certified transcript of the amended or newly issued document;
- to notify the Association immediately in case of a change in any of the circumstances of the company’s status, as well as any coercive administrative measure under the Public Offering of Securities Act that has entered into force against it;
- to provide information, reporting and statistical data, as well as other materials, in a format, deadlines and to persons determined in accordance with a decision of the Board of Directors, in order to achieve the goals of the Association and in particular for the international activities of the Association and its participation in the work of organizations, councils and other unions of market participants and institutions.
Membership in the Association is frozen when the member:
- does not pay within the term determined by the General meeting the annual membership fee and / or the additional property contributions for which the member has given its consent;
- does not systematically participate in the activity of the Association.
Membership in the Association is terminated:
- with a unilateral written statement of intent by the member to the Board of Directors of the Association, which submits it for consideration by the first General Meeting of the members of the Association after the date of its submission, but not later than 3 (three) months from this date, in which case the Board of Directors of the Association convenes Extraordinary General Meeting to consider the statement of intent to terminate the membership;
- with the exclusion of the member;
- in case of dropping out of the member;
- in case of termination