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November 2000 Board Report

The Board approved the appointment of Jeffrey D. Izenman to the CTA Subcommittee of the 2000 Nominating Committee.

The Board approved the following nominations for re-election to the Board of Directors representing Futures Commission Merchants: W. Robert Felker, Charles P. Nastro, O. Lee Reid, Jr. and Victor R. Silano. The Board also nominated Bonnie Litt, vice-president, Goldman Sachs & Co., as an FCM representative.

The Board approved the nomination of John D. Streich for re-election as an Independent Introducing Broker representative.

The Board approved the nomination of Robert E. Murray for re-election as a Commodity Pool Operator representative.

The Board approved the nomination of Thomas F. Basso for re-election as a Commodity Trading Advisor representative.

The Board approved the following nominees for positions on the 2001 Nominating Committee: Clarence Delbridge III (FCMs), Peter E. Smith (IBs), Bruce L. Cleland (CPOs) and Tracy C. Wills-Zapata (CTAs).

The Board authorized the Secretary to solicit from the membership nominations in the Public Representatives category. The terms of H. Richard Farr and Silas Keehn will expire at the 2001 annual meeting (February 15, 2001).

The Board approved the appointment of Karen Wuertz and David Hawrysz as Trustees of National Futures Association Master Trust, filling positions left vacant by the departure of Jean Tippins and Judith Lyons.

The Board approved the recommendation of the Audit Committee to accept NFA's Financial Statements as of June 30, 2000 and 1999, together with the Auditor's Report from Arthur Andersen & Co.

The Board approved the appointment of a Special Committee on Give-Up Transactions and a Special Committee on Technology to review automated order routing systems.

The Board approved amendments to NFA's Code of Arbitration and Member Arbitration Rules.

The Board approved amendments to NFA's Articles of Incorporation regarding CPO and CTA representation on the Board. The proposed amendment to Article VII merges the CPO and CTA categories for purposes of Board representation. However, one director must be from a CPO within the top third of CPOs in terms of funds under management and one director must be from a CTA within the top third of CTAs in terms of funds under management. The remaining four directors can be from any CPO or CTA. The changes will provide the Nominating Committee with more flexibility in filling positions and will allow all CPOs and CTAs to vote for both CPO and CTA representatives elected each year. Article VIII would also be amended to give the CPO/CTA directors the ability to elect any two of the six directors to the Executive Committee. Article X would be amended to merge the two CPO and CTA subcommittees of the Nominating Committee. These amendments to NFA's Articles of Incorporation must be approved by the membership. Ballots were mailed to NFA Members in early December.

The Board approved technical amendments to NFA requirements to conform to recent changes to CFTC regulations.

The Board approved amendments to NFA Bylaw 1303 to read as follows: "When any Member shall be in default in the payment of dues for a period of 30 days or assessments or audit fees for a period of three months after such dues, assessments or audit fees became payable, NFA shall deem that Member's non-payment of dues, assessments or audit fees to be a request to withdraw from NFA membership and shall notify that Member accordingly." The amendments were sent to the CFTC for approval under the "ten-day effective date provision".

The Board heard a report regarding a Member Responsibility Action (MRA) NFA issued against James Edward Stephens and Trendsystems, Inc., on October 4, 2000. The MRA charged Stephens and Trendsystems with misappropriating customers' funds and lying to customers about their trading results. Immediately prior to the issuance of the MRA, Stephens was an AP of Refco, Inc. and the manager of Refco's Americus, Georgia branch office. Stephens is also a principal and AP of Trendsystems, which is a commodity trading advisor Member of NFA.

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