The foundation will ultimately be a number of members with an interest in eMu, voted into that position by other foundation members and has some requirements.  The foundation will regulate SERVICES of the eMunie system, to ensure that any unscrupulous characters are kept OUT, the foundation will also work to further roll out other eMunie services that use the main system and be a platform to push development of eMunie features forward through a general consensus, perform fund raising for this development and so on.

Entities wanting to offer fiat exchange services would apply to the eMunie foundation (thread on this later on) for a license (essentially a special key). Those entities would be heavily vetted to ensure that they are trustworthy and that they have all the required licenses and funding available to run a fiat exchange.