Membership of the Federation is a fundamental requirement within FairFund’s unique structure.
Due to the Constitution and Charter of the Federation, the Federation may not deal with the public as it is not registered for Financial Services nor is it under the authority of any legislation relating to financial activity in any nation. The Federation accepts no third party liability of any description which includes giving financial advice and / or handling cash belonging to the public. It is for this reason that Members are deemed in law to be “Insiders” that have acknowledged their position by renouncing any requirement to be protected by public financial legislation.
On Application for membership an applicant acknowledges its support for the Mission, Ethos, and Objectives of the Federation. There are two classes of applicant:
- Ordinary Member
- “a Member who does not enter into a Benefaction Investment Agreement”
- Supporting Member
- “a Member who places cash assets at the disposal of FairFund Ireland under Swiss Asset Management and donates part or all of its net gains”.
Members are entitled to certain privileges which include the right to sponsor a project by making application for Concession Funding. A Supporting Member may create its own sub-account within the RMRT so that it does not have to compete with Ordinary Members for Concession Funding.
The initial Membership fee is €10,000.oo (ten thousand Euro) which is allocated to the costs, charges and stipends for the promotion and development of the FairFund structure. All applicants must pass through a full education as to the disciplines and structures of FairFund and its current stage of development. The Application must be supported by a summary understanding by the Applicant confirming its understanding as to why it is becoming a Member. Acceptance by the Federation must be issued along with a Confidentiality Undertaking.
Members are entitled to attend at the Annual General Meeting of their national Foundation firm and possibly may be elected to represent that Foundation firm at the Annual General Meeting of the Federation.