Constitution of the Information Providers User Group

2. PURPOSES OF THE GROUP

2.1. The purpose for which the Group is formed is to promote the common interests of its members with regard to information provision and to pursue improvements to the services provided by the information providers.

2.2. The Group shall not be conducted for pecuniary gain or profit.

2.3. The Group shall fulfil its purposes inter alia by:-

·        Organising and conducting General Meetings for Members usually on a twice-yearly basis with an Annual General Meeting in June.

·        Collectively formulating and presenting suggestions to Information Providers for enhancements and changes to the product services, data usage, administration and charges, of benefit to the majority of members, and to work with Information Providers to progress ideas for future enhancements to the service product offerings.

·        Publishing and distributing among members of the Group information about the activities of the Group, reports or studies carried out by the Group and information received from the Information Providers. The Group may also commission reports or studies to be carried out on behalf of the Group.

·        Organising meetings and seminars with the Information Providers.

·        Sharing of information between members through meetings, media publications, such as fax broadcast, e-mail, and Internet, and other events as determined by the Group.

·        Participating in the activities of other like-minded groups as determined by the Group.

·        To form SIGs (Special Interest Groups) with specific tasks. Tasks to be approved and agreed by the committee.

3. MEMBERSHIP

3.1 Definitions:

Contractor - An individual that a has fixed term contract, is directed in what tasks to do, and will typically work on the member firm's premises.

 Consultant - A consultant has a clearly defined project brief, offers a specialist service, provides advice on what to do and may not always work on the member firm’s premises.

Prime Contact/Secondary Contact – Both are Delegates of the member firm with full office contact details stored in the IPUG Membership Database (IPUG is registered with the DPA). There will be a Prime Contact, who will be responsible for naming all Secondary Contacts from all locations and defining what access the named Secondary Contact(s) should have (meeting invites, newsletter, bulletin board facilities). The Prime Contact is the person who will be targeted for payment of the annual membership subscription and responsible for voting on behalf of the Member firm.

3.2. Corporate Membership will be available to any firm that is an end user of IP information services and a registered client of at least one of the leading suppliers in the information services industry. Individuals may apply for Contractor Membership which will be available to persons whose profession is to resource the market data activities of companies eligible for Corporate Membership on a contract basis. Ex-employee Membership will be available to unemployed ex-employees of Corporate Member firms and will provide limited access to group facilities for a period following their departure from the Corporate Member firm. Membership excludes those whose prime business is vending market data products, or companies whose main business is consultancy. The committee will arbitrate on matters of eligibility to the group and any sub committees. Any decisions made by the committee will be presented to the next General Meeting, where the membership may make a final ruling.

3.3. Each Corporate Member may send any, or all, of its Delegates to any Meeting of the Group. Members may not represent or be represented by other members unless given written consent by the Committee. Consent must, at the Committee's discretion, be requested at least one month in advance of each meeting.

3.4. There shall be three classes of membership, namely: 

• Corporate Member (access to all content and facilities)
• Ex-Employee Member (access to meetings, distribution list, newsletter and feedback to the Executive Committee - there is no access to the members-only area of the IPUG website or vote)
• Contract Member  (access to all content and facilities, but no vote). Must have worked for a Corporate Member within the last 6 months prior to joining. Must have two references from Prime Contact Delegates. Membership is at the discretion of the committee and no reason for application rejection need be given

3.5. Corporate Members and Contract Members will pay a Subscribing members fee, changes to which will be voted on at the December General Meeting.

3.6. There shall be 2 Corporate Membership packages available:

• National: This will permit up to 15 delegates from any office locations within a single national boundary access to the group at the prevailing annual Subscribing members fee.
• International (Level 1): This will permit up to 50 delegates from any office locations worldwide access to the group for twice the prevailing annual Subscribing members fee. (Level 2 would allow a further 50 Delegates, and so on).

3.7 Disparate legal entities within a Corporate Member firm may require separate memberships, at the discretion of the Committee. Eg, Buy Side and Sell Side entities will be required to take out separate memberships.

3.8. Ex-Employee Members will be granted 6 months free membership from the date of departure from the Member firm.

3.9. Contract Member's membership can be suspended during periods of employment at Corporate Member firms if they become a Delegate and membership will be terminated if they become employed by a firm ineligible for IPUG membership. Contractor Membership is not renewable if the individual does not work for an IPUG eligible firm for a period of 12 months from the time of original membership.

3.10. A member shall lose its status as a Subscribing Member if a majority of the Committee vote, either by mail or at a duly convened meeting, to terminate the said member's membership for the reason that it is delinquent in the payment of its membership fees. In any event, membership may be terminated automatically if fees remain unpaid for 3 (three) calendar months after they become due.

3.11. A member may terminate its membership of the Group by submitting advice of such termination in writing to any member of the Committee. Such advice shall be signed by the registered authorised officer of the terminating member and shall take effect from the day that the advice is received by the Committee member to whom it is submitted.

3.12. The reason for termination of membership notwithstanding, no part of the fees shall be remitted or refunded.

4. VOTING RIGHTS

4.1. The normal decision making process of the Group will be by show of hands at a General Meeting with a majority vote deciding the issue. In the event of a tied vote the, then acting , Chair will have the casting vote. Special voting procedures pertain to amendments of this Constitution and dissolution of the Group as specified herein.

4.2. Each Corporate Member may exercise ONE vote per resolution at any General Meeting, irrespective of the number of Delegates which it sends to such Meeting PROVIDED THAT such vote shall not be exercisable in the circumstances that the member's fees which have been levied at the time of such Meeting have not been paid.

4.3. For the purpose of exercising its vote at a General Meeting as is provided in Clause 4.1 hereof, each member shall nominate a voting delegate. Voting may be by proxy vote if the delegate is unable to attend a meeting.

5. COMMITTEE

5.1. The Committee shall comprise:-

• Chairman
• Treasurer
• Other members
• Honorary Secretary

who shall be elected by the Committee Members elected at the Annual General Meeting. A Committee member shall be eligible for re-election. Election shall be by nomination with a proposer and one seconder and a majority vote of the Committee.

5.2. The Treasurer, and AT LEAST ONE other Committee member will be elected by the Committee to hold the status of Executor, and are the only Members empowered to execute financial transactions on behalf of the Group.

5.3. Any delegate of a Member is eligible to hold any one, or more, office.

5.4. The Committee shall meet usually 6 times per year (January, March, May, July, September and November) and members of the Committee must undertake to attend at least 4 of these meetings. 

5.5. At least ten (10) days written notice shall be given of the place, date and hour of any meeting of the Committee and such notice shall be sufficiently served whether personally served, first-class post, fax or e-mail.

5.6. A majority of the members of the Committee as constituted for the time being shall constitute a quorum for the transaction of business of the Committee and a majority of the members present at any meeting of the Committee shall decide any questions brought before such meeting except as is otherwise provided by the Constitution.

5.7. No person shall continue to be a member of the Committee after they shall cease to be a member of the group.

5.8. Any member of the Committee may resign at any time by giving written notice to the Secretary and such resignation shall take effect at the time specified therein and if such time is not specified then upon the acceptance by the Committee of such resignation.

5.9. At any meeting called for that purpose, the Committee may, by a two thirds majority of members thereof present and voting thereat, remove from office any member of the Committee PROVIDED THAT on any vote for the removal of a member of the Committee the vote of that member shall be excluded.

5.10. If the office of any member of the Committee becomes vacant by reason of death, resignation, removal, disqualification or otherwise, or if the Committee agrees to increase its number, the Committee may recruit Delegates from the membership, who may hold office for the unexpired term of any office which has become vacant, subject to ratification at the next General Meeting.

5.11. The Committee may propose whatever Secretariat functions are deemed necessary to support the operational activities of the Group or Committee subject to approval by the Group.

6. FINANCIAL ARRANGEMENTS

6.1. The Group is a non-profit making body whose financial means shall consist primarily of membership fees.

6.2. The amount of the membership fee shall be recommended by the Committee but agreed at a General Meeting from time to time BUT such fee shall be no more than is reasonably necessary for the costs of funding the agreed activities of the Group.

6.3. The membership fee, or any one-time pro-rated amount determined by the Treasurer for mid-year subscription to the Group, shall be payable at the time of joining the Group and thereafter full membership fees are due annually on lst January.

6.4. The Committee may open and conduct such Bank or other accounts as it may from time to time determine. Operations on any account may only be authorised by members of the Committee holding Executor status.

6.5. The submission of the Annual Financial Statements of the Group shall be presented to the Annual General Meeting held following the end of period to which statements refer.

6.6. The Honorary Secretary will assist the Group in enabling them to operate on a business-like basis with appropriate financial controls.

7. CONFIDENTIALITY

7.1 The Group is a Closed User Group, meaning that all recipients of 'IPUG Content' will be bound by the group's policy on confidentiality, which prohibits internal distribution and external re-distribution of such Content.

7.2 IPUG Content is defined as: Any statement made at a meeting or on a conference call, or document (whether stored in material or electronic format) including web-site, newsletters, whitepapers, bulletin boards etc.

8. AMENDMENTS OF CONSTITUTION

8.1. Members shall be entitled to vote on any Resolution for the amendment of this Constitution PROVIDED THAT no proposal for the amendment of this Constitution shall be submitted to the members of the Group unless at least thirty (30) days notice thereof has been given to the member of the Group and at least 75% of the voting delegates at a General Meeting approve the proposal within the deadline set for the vote.

9. DISSOLUTION OF THE GROUP

9.1. Any Member may propose at any time to dissolve the Group PROVIDED THAT no such proposal shall be submitted to the members of the Group unless at least thirty (30) days notice thereof has been given to the members of the Group and at least 75% of votes cast in writing approve the proposal within the deadline set for the vote.

9.2. In the event of the Group being dissolved as herein provided the assets of the Group shall be divided equally between the Members whose membership fees have been paid as at that date upon which any resolution for the dissolution of the Group is passed after allowance is made for the costs, charges and expenses of such dissolution.