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Board Report

The following actions were taken by NFA's Board of Directors at their meeting in New York on November 20, 2003.

The Board elected Richard D. Berliand to service Ronald Oppenheimer's unexpired term in the FCM (Top 10) category. Mr. Berliand is chairman of J.P. Morgan Futures, Inc. and managing director, futures and options, of J.P. Morgan Securities, Ltd.

The Board elected Bruce L. Cleland to serve Thomas Basso's unexpired term in the CPO/CTA category. Mr. Cleland is president of Campbell & Company, Inc., a CPO/CTA Member of NFA located in Towson, Maryland.

The Board approved the appointment of Public Representative Silas Keehn to fill a vacancy on the Audit Committee.

The Board approved the appointment of Terrence B. Clarke, senior compliance director at Banc One Capital Markets, Inc. to fill a vacancy on the Telemarketing Procedures Waiver Committee.

The Board approved amendments to NFA Compliance Rules 2-13 and 2-35 and the elimination of a related interpretive notice. These changes were made in light of the CFTC's action on August 8, 2003, amending its Part 4 rules to allow CPOs and CTAs to advertise their commodity pools or their advisory services to all types of customers before they deliver a disclosure document.

The Board approved amendments to NFA's registration rules relating to foreign firms that are exempt from registration under CFTC Regulation 30.5.

The Board affirmed the Executive Committee's decision to authorize NFA to execute a Regulatory Services Agreement between NFA and U.S. Futures Exchange L.L.C.

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