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Notice I-15-22

September 23, 2015

Board and Nominating Committee Members Whose Terms Will Expire at the Board's 2016 Annual Meeting

Before October 15th of each year, NFA's Secretary shall notify all Members in the Futures Commission Merchant (FCM), Introducing Broker (IB), Commodity Pool Operator and Commodity Trading Advisor (CPO/CTA), and Swap Dealer, Major Swap Participant and Retail Foreign Exchange Dealer (SD/MSP/RFED) categories of the elected Directors and the members of the Nominating Committee whose terms shall expire at the Board of Directors' regular Annual Meeting and shall request that the names of eligible persons to fill those positions be submitted to the Nominating Committee.

On May 21, 2015, NFA's Board of Directors unanimously approved a proposal to amend NFA's Articles of Incorporation (Articles) to reduce the size of the Board from 37 to 29, and in late June 2015 NFA's membership ratified the amendments. NFA has submitted the proposed Articles' amendments to the CFTC for approval, and the Articles' amendments specify that the Board's new structure will be in place in February 2016 at the Board's regular Annual Meeting.

Pursuant to the amended Articles, all current Directors' terms will expire at the Board's regular Annual Meeting on February 18, 2016 and new Directors will be elected. The enclosed list of Board members whose terms expire in February 2016 contains the names of all current Directors in the FCM, IB, CPO/CTA and SD/MSP/RFED categories. Also enclosed is a list of Nominating Committee members whose terms expire in February 2016. Please use the enclosed form to submit names of persons eligible to fill the vacancies on the Board of Directors and the Nominating Committee. For your reference, an explanation of the composition of the Board of Directors as of February 2016 and the Nominating Committee is provided.

The Nominating Committee shall consider names that are submitted and the membership will be notified of its nominations. Thereafter, additional nominations may be made by petition only. The terms of the new Member Director positions will be staggered as determined by the respective Member Subcommittees of the Nominating Committee. Ballots will be mailed in December to all Members in categories for which there is a contested election and the ballots will be counted on January 19, 2016. The results will be circulated before the Board of Directors' regular Annual Meeting in February.

NFA's Board of Directors and Open Positions as of the February 2016 Annual Meeting

Due to the reduction in the Board's size, for this year only, the election process for Directors will be different than usual. All Board positions will expire in the upcoming election, which creates the following vacancies in the FCM, IB, CPO/CTA and SD/MSP/RFED Board positions:

  • Five (5) FCM Representatives—At least two (2) from top-ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election and at least two (2) from FCMs and LTMs that are not ranked as top-ten FCMs;

  • One (1) IB Representative—Independent;

  • One (1) IB Representative—Guaranteed;

  • Four (4) CPO/CTA Representatives—At least one (1) that must rank within the top 5% and at least one (1) ranked within the top 10% of CPOs or CTAs reporting any funds under management allocated to futures and swaps on NFA Form PQR and NFA Form PR as of June 30 preceding the election; and

  • Five (5) SD/MSP/RFED Representatives—At least two (2) SDs that are Large Financial Institutions as of June 30 preceding the election; and at least two (2) SDs, MSPs, or RFEDs that are not Large Financial Institutions as of June 30 preceding the election. NFA's Board of Directors has resolved to use the list of Participating Dealers on the Federal Reserve Bank of New York's website on a designated webpage "Markets and Policy Implementation," "OTC Derivatives Supervisors Group" to define Large Financial Institutions.

NFA's Nominating Committee and Open Positions on the Nominating Committee

The various Subcommittees of NFA's Nominating Committee are composed as follows:

  • Three (3) FCM Representatives—At least one (1) representative from a top-ten FCM based on the total amount of segregated funds and secured amounts as of June 30 preceding the election and at least one (1) representative from an FCM not ranked as a top-ten FCM;

  • Three (3) IB Representatives—At least one (1) representative from an Independent IB and at least one (1) representative from a Guaranteed IB;

  • Three (3) CPO/CTA Representatives—At least one representative acting primarily as a CPO and at least one representative acting primarily as a CTA; and

  • Three (3) SD/MSP/RFED Representatives—At least one (1) representative from an SD that is a Large Financial Institution and at least one (1) representative from an SD that is not a Large Financial Institution as of June 30 preceding the election.

In addition to the Board of Director vacancies, there are the following open positions on the Nominating Committee in the 2016 Member election:

  • One (1) open position for an FCM Representative who may be affiliated with either a top-ten FCM based on the total amount of segregated funds and secured amounts as of June 30 preceding the election or an FCM that is not a top-ten FCM;

  • One (1) open position for an IB Representative who may be affiliated with either a Guaranteed IB or an Independent IB;

  • One (1) open position for a CPO/CTA Representative who may be acting primarily as either a CTA or a CPO; and

  • One (1) open position for an SD/MSP/RFED Representative who may be affiliated with either an SD that is either a Large Financial Institution or an SD/MSP/RFED of a Non-Large Financial Institution as of June 30 preceding the election.

NFA is a membership organization. NFA Members have a voice in NFA's governance through the exercise of the right to recommend candidates and to nominate and elect individuals to serve on NFA's Nominating Committee and Board of Directors. The Nominating Committee relies heavily on the recommendations of the membership in making its nominating decisions. Please give this matter serious consideration and return your submission(s) to NFA for receipt no later than Friday, October 16, 2015.

Please return your submission(s) by mail, email or fax for receipt no later than Friday, October 16, 2015 to:

By Mail:
Thomas W. Sexton
Secretary
National Futures Association
300 South Riverside Plaza, Suite 1800
Chicago, Illinois 60606

By Email:
Election2016@NFA.futures.org

By Fax:
Attn: Tom Sexton
312-781-1672

Should you have any questions, please contact Tom Sexton at 312-781-1413.

BOARD MEMBERS WHOSE TERMS WILL EXPIRE
AT THE BOARD OF DIRECTORS' 2016 REGULAR ANNUAL MEETING


BOARD OF DIRECTORS
(Directors may succeed themselves)


FCMs

Gerald F. Corcoran
Chief Executive Officer
R.J. O'Brien & Associates LLC

Scott A. Cordes
President
CHS Hedging LLC

Michael C. Dawley
Managing Director
Goldman Sachs & Co.

Maureen C. Downs
President
Rosenthal Collins Group LLC

Christopher K. Hehmeyer
Non-Executive Director
Wedbush Futures

William F. McCoy
Managing Director
Morgan Stanley

Antonio Reyes Miras
Managing Director
Americas Head—Futures, Clearing and Collateral
Citigroup Global Markets, Inc.

IBs

Michael T. Burke
Chief Executive Officer
HighGround Trading LLC

Paul J. Georgy
President
Allendale, Inc.

CPO/CTAs

Douglas L. Bry
Senior Strategist
Welton Investment Partners LLC

Adam C. Cooper
Senior Managing Director and Chief Legal Officer
Citadel

Ernest L. Jaffarian
CEO/CIO
Efficient Capital Management LLC

James L. Koutoulas
Chief Executive Officer
Typhon Capital Management LLC

John L. Roe
President
Roe Capital Management, Inc.

SD/MSP/RFEDs

Robert P. Burke
Managing Director
Bank of America Merrill Lynch

Oliver Jakob
International Chief Risk Officer
Mitsubishi UFJ Securities (USA), Inc.

Charlotte B. McLaughlin
President and CEO
PNC Capital Markets LLC

Martin Nance
Chief Compliance Officer
Cournot Financial Products LLC

Philip A. Olesen, CFA
Managing Director and Global Head of Credit Trading
UBS Securities LLC

Don Thompson
Managing Director and Associate General Counsel
JPMorgan Chase & Co.

Sheryl M. Wallace
Vice President, Cargill Risk Management
Cargill Incorporated


NOMINATING COMMITTEE MEMBERS WHOSE TERMS WILL EXPIRE
AT THE BOARD OF DIRECTORS' 2016 REGULAR ANNUAL MEETING


NOMINATING COMMITTEE
(Nominating Committee members may NOT succeed themselves)


FCM

Chris Damilatis
Vice President
ADM Investor Services

IB

John C. Jensen
President
Heritage West Financial, Inc

CPO/CTA

Robert J. Amedeo
Altegris Clearing Solutions LLC

SD/MSP/RFED

Chip Goodrich
Managing Director and Senior Counsel
Deutsche Bank


Printable version of Recommendation for Nomination

SUBMISSION TO NFA NOMINATING COMMITTEE

RECOMMENDATION FOR NOMINATION*

Name of the Individual
You Would Like to Recommend: ________________________________________________________________________

Recommended for Nomination to:
______ Board of Directors
______ Nominating Committee

NFA Member Firm with Which
Recommended Individual is Affiliated: ____________________________________________________________

Firm's Membership Category: _____FCM _____IB _____CPO/CTA _____SD/MSP/RFED

Individual's Title: __________________________________________________________________________

Business Address:
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________

Telephone: _________________________ Email, if known: _______________________________________

Name of Person Making Recommendation:
________________________________________________________

On Behalf of:
____________________________________________________________________________
(NFA Member Firm)

Your Business Telephone: _____________________ Email: _______________________________________

Thank you for your submission. NFA will contact the individual you suggested to confirm his/her willingness to serve if nominated and elected and to obtain biographical information that will be forwarded to the Nominating Committee.

* Please complete a separate form for each individual recommended. This form may be photocopied. Please return your submission(s) to NFA for receipt no later than Friday, October 16, 2015, by mail, email or fax to:

By Mail:
Thomas W. Sexton
Secretary
National Futures Association
300 South Riverside Plaza, Suite 1800
Chicago, Illinois 60606

By Email:
Election2016@NFA.futures.org

By Fax:
Attn: Tom Sexton
312-781-1672

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