Notices to Members

April 30, 2024

Request for Public Representative Nominations for NFA's Board of Directors

Please Route To:
Compliance/Legal Sr. Management

At NFA's Board of Directors' (Board) regular Annual Meeting on February 20, 2025, the terms of three of NFA's current Public Representatives – Michael C. Dawley, Ronald S. Oppenheimer and Todd E. Petzel – will expire. NFA's Articles of Incorporation require NFA to seek nominations of individuals to be considered to serve on the Board in the Public Representative Category, which may be made by both NFA Members and non-Members. The three Public Representatives whose terms are expiring are eligible for nomination.

In considering individuals to nominate as a Public Representative, please keep in mind that NFA's Board has consistently included Public Representatives with outstanding credentials, and their contributions to NFA have been enormous. Public Representatives bring the perspective of non-Members to the Board. Public Representative candidates must be knowledgeable of the markets and the Members regulated by NFA and have no material relationship with NFA that would impact their ability to provide an impartial, objective analysis of the issues that come before the Board. NFA Bylaw 517 sets forth the qualifications for Public Representatives as follows:

To qualify as a Public Representative of NFA, an individual must first be found by the Board, on the record, to have no material relationship with NFA that might reasonably affect the independent judgment or decision-making of the public representative. Any of the following relationships during the previous three years shall be considered a material relationship with NFA:

(a) The Director or member of the Director's immediate family (i.e., spouse, parents, children and siblings) is an NFA Officer or employee;

(b) The Director is an NFA Member, Associate Member or a principal of an NFA Member or has an immediate family member (i.e., spouse, parents, children and siblings) who is an NFA Member, Associate Member or principal of an NFA Member;

(c) The Director, or a member of the Director's immediate family, or a firm with which the Director or a member of the Director's immediate family, is an officer, director or partner receives more than $100,000 in combined annual payments from NFA for legal, accounting or consulting services. Compensation for services as a Director of NFA does not count towards the annual $100,000 payment limit, nor does deferred compensation for services prior to becoming a Director so long as compensation is in no way contingent, conditioned or revocable.

(d) The Director, or a firm with which the Director is an officer, director or partner receives more than $100,000 annually from an NFA Member or Associate Member for legal, accounting or consulting services related to the NFA Member's or Associate Member's CFTC registered activities.

Nominations must be submitted by email to election2025@nfa.futures.org by June 7, 2024. Upon receipt of any nominations(s), NFA staff will provide any non-incumbent nominee(s) who express an interest in serving NFA's Public Representative Application. A nominee(s) will have until June 14, 2024 to complete and submit this Application. As it reviews the completed Application(s) and evaluates nominee(s), NFA's Nominating and Governance Committee may also request prior to September 2024 interviews with interested nominees.

If you have questions, please contact Carol Wooding, Senior Vice President and General Counsel (312-781-1409 or cwooding@nfa.futures.org).