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The following actions were taken by NFA's Board of Directors at its meeting on November 15, 2001
The Board approved the appointment of Terrence B. Clarke to the Hearing Committee.
The Board approved the appointment of Calogero ("Leo") B. Carcione to the Telemarketing Procedures Waiver Committee.
The Board approved the appointment of Franklin A. Gelber to the FCM Subcommittee of the Nominating Committee, retroactive to September 1, 2001.
The Board approved a resolution to authorize NFA to solicit nominations from NFA membership for individuals to serve on the Board in the Public Representative category.
The Board approved an amendment to NFA Bylaw 1301 which reduces NFA's assessment fee from $.14 to $.12 per round-turn futures contract and $.07 to $.06 per options contract. The decrease is the second assessment fee reduction in six months, resulting in a 33 percent total decrease since July 2001.
The Board approved a resolution that allows NFA to make donations to the September 11th relief efforts, particularly those focused on families of victims associated with the futures industry.
The Board approved Compliance Rule 2-37(g) relating to fair commissions for security futures products. The Board also approved an Interpretive Notice to NFA Compliance Rule 2-37, which serves to reassure NFA Members that most Members' current commission practices already comply with security futures requirements.
The Board approved "Interpretive Notice to NFA Compliance Rule 2-4: The Best Execution Obligation of NFA Members Registered as Broker-Dealers Under Section 15(b)(11) of the Securities Exchange Act of 1934." In the context of Compliance Rule 2-4-which imposes an obligation upon Members to put their customers' interests before their own when soliciting and executing futures transactions-the Interpretive Notice sets forth a Member's best execution obligation while at the same time providing Members with flexibility in meeting this obligation.
The Board approved "Interpretive Notice to NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401: Proficiency Requirements for Security Futures Products", which serves to make clear that Members and Associates will be able to satisfy their proficiency requirements for security futures by taking any training program that covers the subject matter included in a content outline developed by NFA, NASDR and securities SROs. The Interpretive Notice also discusses a newly developed web-based training program that will be on NFA's web site available at no charge that will satisfy the training requirement.
The Board approved "Interpretive Notice to NFA Compliance Rule 2-30(b): Disclosure Statement for Security Futures Products". This notice states that NFA Compliance Rule 2-30(b) requires Members and Associates who aren't members of NASD to provide a disclosure statement for security futures products to a customer before approving the account to trade security futures products.
The Board approved amendments to NFA's Financial Requirements, and an "Interpretive Notice concerning The Electronic Filing of Financial Reports". These changes: (1) require FCMs for which NFA is the DSRO and independent introducing brokers (IBs) to file their financial reports electronically; (2) require FCMs for which NFA is the DSRO to file monthly financial statements; (3) simplify the capital computation; (4) modify the restrictions on guaranteeing IBs; and (5) require FCMs for which NFA is the DSRO, and IBs, to file financial information with NFA if they are required to file it with another self-regulatory organization. These changes became effective December 31, 2001.