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Board Report

The following actions were taken by NFA's Board of Directors on August 15, 2002, in Chicago.

    The Board appointed the following members to serve on the Finance Committee in fiscal year 2003: Kent R. Horsager (Contract Market Representative), Robert E. Murray (CPO Representative), Susan M. Phillips (Public Representative) and Jan R. Waye (FCM Representative). NFA President Robert Wilmouth and Board Vice-Chairman Michael Schaefer also serve on the committee.

    The Board approved the appointment of Lou Illes to the Membership Committee.

    The Board approved minor amendments to NFA's Compliance and Registration Rules to implement NFA's Online Registration System.

    The Board approved some minor technical amendments to NFA's Arbitration Rules.

    The Board approved an amendment to NFA Bylaw 1301, allowing the Board, by a super-majority vote of the directors present and voting, to waive or establish lower annual dues for particular Members.

    The Board approved changes to Interpretive Notices regarding proficiency requirements and risk disclosure statements for security futures products.

    The Board approved a recommendation from the Special Committee on Funding and the Executive Committee to adopt a per round-turn contract fee of .02 for diminutive notional value contracts (also known as total return asset contracts ("TRAKRS"))


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