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Board Report

The Board approved the reappointment of J. Dewey Daane, Kent R. Horsager, Verne O. Sedlacek and Jan R. Waye to serve on the Finance Committee in fiscal year 2002.

The Board approved the appointment of W. Robert Felker to the Audit Committee.

The Board approved amendments to NFA's arbitration rules. The amendments fall generally into one of the following three categories: shortening the arbitration timetable and modifying other procedures to expedite the process for small claims; providing for a pre-hearing conference in cases with oral hearings; and imposing an arbitration service fee on respondents named in cases with oral hearings.

The Board approved proposed changes to reduce the Board's size from 45 to 25. The change was made to ensure that NFA's Board continues to accurately reflect NFA's membership and is properly structured to enable NFA to respond to a rapidly changing business environment.

Based on previous authorization from the Board, the Executive Committee in July made minor amendments to the rules and interpretive notices regarding security futures products. The Board ratified these proposed amendments, which became effective on August 21st.

The Board approved proposed Compliance Rule 2-36, which prohibits NFA Members and Associates from engaging in fraudulent activities involving off-exchange foreign currency futures and options transactions. Proposed Rule 2-36's scope is limited to off-exchange foreign currency transactions involving persons that are not eligible contract participants as defined by the Commodity Futures Modernization Act.

The Board approved an amendment to NFA Compliance Rule 3-15. The amendment provides that NFA has the power to order a Member to immediately infuse additional capital or to maintain its adjusted net capital at a level in excess of its capital requirement as part of a Member Responsibility Action.

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