In 2005, FPL made changes to its legal structure introducing a special "Purpose Trust" owning the assets and enabling FPL to concentrate on the activity of promoting the adoption of the protocol and its development, without undue risk or exposure.
The trust deed defines the "purpose" and states that the protocol will remain "open" and available royalty free in perpetuity. It also seeks to establish the neutrality of the protocol and effectively formalizes the principles on which FIX Protocol has been based. It does all this, and at the same time gives new powers to the subscribers ("FPL members") to set the direction that the company and its officers shall follow. The existing and newly established legal entities continue to be resident in the UK and under the trust FPL will remain a not-for-profit enterprise.
Provides background on FPL's legal structure prior to changes introduced in 2005. Describes FPL's legal structure including the provision of a special 'Purpose Trust'.
