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NATIONAL FUTURES ASSOCIATION
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ARTICLE XVIII: DEFINITIONS
(m) "Industry Participant" - refers to
a participant in the commodity futures industry, other than a contract market, futures commission merchant, leverage transaction merchant or introducing broker those members of NFA's Board of Directors who represent CPOs and CTAs, as described in paragraph 2(c)(i) of Article VII.
(r) "Public Representative" - refers to those members of NFA's Board of Directors
having no present direct association with a business enterprise in the commodity futures industry who are not employed by any NFA Member, as described in paragraph 2(c)(ii) of Article VII. (See paragraph 2(d) of Article VII.)