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NFA's Board of Directors took the following actions on November 21, 2002, in New York.
The Board approved a resolution accepting the retirement of Robert K. Wilmouth as President and CEO of National Futures Association. In doing so, the Board extended to Mr. Wilmouth its undying gratitude for his years of outstanding leadership of NFA, loyalty to NFA employees and service to the industry.
The Board approved the appointment of Daniel J. Roth as President and CEO and Daniel Driscoll as Executive Vice-President and COO, effective January 1, 2003.
The Board appointed David M. Kozak to fill the vacancy on the CPO/CTA subcommittee of the 2002 Nominating Committee caused by the resignation of Tracy C. Wills-Zapata.
The Board approved a resolution directing the Secretary on behalf of the Board to solicit from the membership the nomination of individuals to serve on the Board in the Public Representative category.
The Board approved an amendment to NFA Bylaw 1301 reducing assessment fees to $.06 for each round-turn futures contract and $.03 for each options contract.
The Board approved the Auditors' Report and Financial Statements as of June 30, 2002 and 2001, as reviewed by NFA's outside auditors, Deloitte & Touche.
The Board approved a resolution to amend NFA Compliance Rule 2-30 and the Interpretive Notice to NFA Compliance Rule 2-30(b): Risk Disclosure Statement for Security Futures Contracts. These amendments remove CTAs from the special risk disclosure requirements for security futures products and place the obligation to provide the statement on the Member carrying an account for the CTA. The CTA must still consider how well a customer understands the risk when determining if it is appropriate for the customer to trade security futures products or to use the CTA's trading program for that purpose.
The Board ratified the Risk Disclosure Statement for Security Futures Contracts, as developed by NFA, NASD and a number of securities and futures exchanges. The disclosure statement is on both NFA's and NASD's Web sites. NFA and NASD have also published it as a brochure, and Members can order multiple copies at a cost of $.80 each.
The Board approved amendments to NFA Compliance Rule 2-9's Interpretive Notice entitled "Enhanced Supervisory Procedures" to affirm its intent and eliminate any questions about the interpretation of the phrase "closed down and permanently barred" as it refers to NFA enforcement actions.