Financial Markets Lawyers Group

“The general counsel of the new york fed appoints members, not the chair of the committee. The secretary must be a member of the new york fed's legal department. Fmlg members may be removed by the chair. Up to three representatives of the new york fed may serve as ex officio members of the fmlg. Other staff from the new york fed may offer additional support to the fmlg at the discretion of the chair.”

“Financial markets lawyers group has three classes of membership. Full membership is granted by the general counsel, in consultation with the chair and the steering committee. There are 10 to 20 full members who are in-house counsel for leading worldwide financial institutions who support trading activities in foreign exchange and other financial markets around the world. Full members must attend all meetings, participate in discussions, assist in the preparation of the periodic legal enforceability opinion project, and support other projects as determined by the chair. Ex officio membership is limited to three representatives of the federal reserve bank of new york. Affiliate membership is granted at the discretion of the general counsel to institutions that do not have a full member, but do have a member on the foreign exchange committee, an affiliated group that is also sponsored by the federal reserve bank of new york. Affiliate members have access to periodic legal enforceability opinions, the right to observe meetings, and the right to nominate one participant to any subcommittee or working group.”

“The general counsel of the federal reserve bank of new york (or his or her designee, provided such individual shall be an attorney in the legal department of the federal reserve bank of new york) serves as chair of the financial markets lawyers group. Members of the steering committee are appointed by the chair.”

“The chair has the right to veto any action or decision of the steering committee.”

“The association does not document the meetings held by the governing body.”

“The association does not have any committees with authority to act on behalf of the governing body.”

“A draft of the form 990 shall be distributed to the steering committee for review prior to being submitted to the irs. The draft form 990 shall be distributed early enough to provide each steering committee member with a reasonable amount of time for review and submission of questions or comments prior to the filing deadline. The final form 990 shall be distributed to each member of the steering committee prior to being filed with the irs. The draft and final form 990 may be distributed in person, by regular mail, e-mail, or fax.”

“The association makes its articles of association and antitrust guidelines available on its public website.”

“Gain on currency conversion 133.”