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The following actions were taken by NFA’s Board of Directors at their meeting on February 20, 2003, in Chicago.
The Board elected James Davison to serve Jan R. Waye’s unexpired term as an FCM representative in light of Mr. Waye’s recent retirement from Cargill Investor Services, Inc. Mr. Davison is president of Cargill Investor Services and a member of the Futures Industry Association’s Board of Directors.
The Board re-elected Thomas W. Ewing, of counsel, Davis and Harman LLP, and Silas Keehn, past president of the Federal Reserve Bank of Chicago, to serve two-year terms as Public Directors.
The Board elected Michael R. Schaefer to serve a one-year term as chairman. Mr. Schaefer is a managing director at Citigroup Global Markets, Inc. in New York. The Board also elected Douglas O. Kitchen, managing director at Rosenthal Collins Group LLC, for a one-year term as vice-chairman.
The Board elected the following individuals to serve one-year terms on NFA’s Executive Committee: Douglas L. Bry, president, Northfield Trading LP; George E. Crapple, co-chairman and co-ceo, The Millburn Corporation; Bernard W. Dan, president, Chicago Board of Trade; Robert R. Petersen, president and ceo, Kansas City Board of Trade; Charles P. Nastro, managing director/co-director of futures, Lehman Brothers, Inc.; Ronald S. Oppenheimer, first vice-president and general counsel, futures and options, Merrill Lynch and Co.; Todd Petzel, managing director, Azimuth Alternative Assets; and Mr. Kitchen. Mr. Schaefer and NFA President Dan Roth also serve on the Executive Committee.
The Board approved the following NFA committee appointments:
Membership Committee – Lou Illes, Silas Keehn, Douglas O. Kitchen, David M. Kozak, Robert E. Murray and Ronald S. Oppenheimer
Business Conduct Committee – Calogero B. Carcione, Thomas L. Casey, Kevin M. Foley, Richard W. Petticrew and Wendy Robinson
Hearing Committee – Samuel F. Abernethy, T. Michael Billings, Hugh J. Cadden, Sherri Hughes, Arthur McCoy, Scott W. Stewart, Michael A. Turro and Jan R. Waye
FCM Advisory Committee – David M. Battan, Michael Hogan, Richard J. Horgan and John J. Ruth
CPO/CTA Advisory Committee – Jeffrey F. Chandor, Bruce L. Cleland and Pierre Tullier
IB Advisory Committee – Stephen D. Reece and Michael T. Sherzan
Educational/Testing Advisory Committee – DeBorah Lenchard and Anne S. Polaski
The Board approved a charter adopted by NFA’s Audit Committee, outlining the committee’s functions and responsibilities.
The Board approved the appointment of Thomas W. Sexton, NFA’s vice-president, general counsel and secretary, as a Trustee of NFA’s Master Trust. Mr. Sexton succeeds Robert K. Wilmouth, former NFA president and chief executive officer.
The Board approved a new NFA Financial Requirement Section 10 that imposes a $200 a day fee for filing late financial statements. The CFTC subsequently approved the new section on April 7, 2003.
The Board approved two amendments to NFA Compliance Rule 2-9’s Interpretive Notice Relating to Enhanced Supervisory Requirements. The first amendment modifies the criteria that cause an AP to be counted in determining whether the composition of a firm’s sales force requires the adoption of enhanced supervisory requirements by the firm. The second amendment expands the definition of Disciplined Firm to include broker-dealers, which may not also be NFA Members, that have been barred from doing business by the SEC or NASD due to sales practice fraud involving security futures products. The CFTC subsequently approved the amendments, which became effective March 18, 2003.
The Board approved technical amendments to NFA Bylaws 301 and 1303 to clarify procedures for the withdrawal of NFA membership and implement NFA’s Online Registration System. The CFTC subsequently approved the amendments, which became effective March 18, 2003.
The Board approved the reappointment of NFA’s officers for the coming year.
The Board approved the adoption of Compliance Rule 2-38 and it related Interpretive Notice entitled “NFA Compliance Rule 2-38: Business Continuity and Disaster Recovery Plan.” The CFTC subsequently approved the Rule and Interpretive Notice on April 7, 2003.
The Board approved the adoption of an Interpretive Notice entitled “NFA Compliance Rule 2-9: Ethics Training Requirements.” The Notice was developed to assist NFA Members in interpreting the changes the CFTC made to its ethics training rules in 2001. The CFTC subsequently approved the Interpretive Notice on April 7, 2003.