BYLAW 704. BUSINESS CONDUCT COMMITTEE.
[Effective dates of amendments: July 1, 1987; June 15, 1988; March 15, 1994; and January 1, 2005.]

There shall be a Business Conduct Committee, consisting of nine individuals who shall be Members, persons connected therewith or members of the public. A majority of the Business Conduct Committee members eligible to participate in a proceeding shall constitute a quorum, except that in cases in which a Panel has been appointed (See Compliance Rule 3-11) a quorum shall consist of a majority of such Panel members but no fewer than three. The members of the Business Conduct Committee shall be proposed by the President and appointed by the Board. The President and the Board shall propose and appoint individuals who reflect the various categories of NFA Members and members of the public. At least three members of the Business Conduct Committee shall not be NFA Members or Associates or employees of NFA Members. Each member of the Business Conduct Committee shall serve for three years, or until the member's death, resignation, ineligibility or removal. A vacancy in the Business Conduct Committee shall be filled in the manner prescribed in Bylaw 601 for officers. A Business Conduct Committee member may be removed by the Board for cause. No Business Conduct Committee member shall use or disclose material, non-public information, obtained as a result of participation on the Business Conduct Committee, for any purpose other than the performance of official duties as a member of the Business Conduct Committee.