2005 - present | 2004 | 2003 | 2002 | 2001 | 2000|
Email This to a Friend
The following actions were taken by NFA's Board of Directors at its meeting on May 17, 2001.
The Board appointed the following individuals to serve on the Hearing Committee: Armando T. Belly, Stephen T. Bobo, Robert P. Bramnik, Martin Doyle, Dennis A. Klejna, Pamela Klein-Kurland, Kent Lawrence, William T. Maitland, Barry J. Mandel, Anne S. Polaski, Susan M. Schultz, Joy P. Shulruf, Michael G. Tannenbaum, Cynthia L. Zaltwanger.
The Board approved amendments to NFA Registration Rules. The amendments fall generally into one of the following four categories: condense the four procedural tracks to one procedural track for all applicants and registrants; streamline procedures for suspending registrants who are disqualified under Section 8a(2) of the Act; update the current pre-trial procedures; and simplify the process for settling cases and conditioning registrants.
The Board approved NFA's Fiscal Year 2002 budget. See related article.
The Board approved changes to NFA's dues and fees. These changes include reducing the assessment fee as part of a strategic objective to reduce reliance on the fee as a revenue source and increasing membership dues and registration fees to partially offset the loss of revenue from reducing the assessment fee. See related article.
NFA staff gave a presentation to the Board regarding NFA's progress toward meeting cost containment initiatives.
The Board approved proposed rule changes relating to security futures products and authorized the Executive Committee to make any additional changes the SEC requires in order for NFA to qualify as a limited purpose national securities association by August 21, 2001.
The Board approved a new NFA Compliance Rule 2-36, which prohibits Members and Associates from engaging in illegal off-exchange foreign currency futures and options transactions (FOREX) and from committing fraud in connection with off-exchange FOREX transactions authorized by the Commodity Futures Trading Act.
Staff updated the Board on NFA's involvement with the House Financial Services Committee regarding a bill that would establish an electronic network over which regulatory, self-regulatory and law enforcement organizations could share data about firms and individuals in the financial services industry.
Staff presented statistics showing that, since NFA began operations, trading volume has increased by 284% while customer complaints have dropped by 72%. See related article.