Bylaws

Chapter 7. Committees

BYLAW 704. BUSINESS CONDUCT COMMITTEE.

[Effective dates of amendments: July 1, 1987; June 15, 1988; March 15, 1994; January 1, 2005; February 20, 2014; and August 1, 2016.]

There shall be a Business Conduct Committee, consisting of nine individuals who shall be Members, persons connected therewith or members of the public, as follows: four persons affiliated with FCMs, IBs, LTMs, CTAs or CPOs; two persons affiliated with SDs, RFEDs or MSPs; and three persons who are not NFA Members or Associates or employees of NFA Members. A majority of the Business Conduct Committee members eligible to participate shall constitute a quorum, except that in the case of a Panel (See Compliance Rule 3-11) a quorum shall consist of a majority of such Panel members. The members of the Business Conduct Committee shall be nominated by the President and appointed by the Board. The President and the Board shall endeavor to nominate and appoint individuals who reflect the various categories of NFA Members and members of the public.

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 by the Board. A Business Conduct Committee member may be removed by the Board whenever, in its judgment, the best interests of NFA will be served thereby.