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Notice I-22-19

September 26, 2022

Executive Representative Reminder and Board and Nominating Committee Members Whose Terms Will Expire at the Board's 2023 Regular Annual Meeting

Executive Representative Reminder

NFA utilizes an electronic voting process, administered by a third-party service provider, for contested Board Director elections, contested Nominating Committee member elections and approval votes for amendments to NFA's Articles of Incorporation. To facilitate the voting process, NFA requires each Member to designate an individual to act as the Member's Executive Representative, who has the sole authority on behalf of the Member to sign petitions to nominate candidates for Director or Nominating Committee positions, receive notices of Member meetings and proxy materials, complete proxy cards and provide voting instructions and cast votes on behalf of the Member. Members designate an Executive Representative through NFA's website by completing the Executive Representative Contact Form. Only firm personnel who are Security Manager(s) or are authorized to "view, update and file" information in ORS may complete this form.

If a Member fails to designate an Executive Representative by completing this form, NFA will deem the Member's membership contact listed in ORS as the Member's Executive Representative. Members that have already designated an Executive Representative are not required to again complete this form unless the information on the Executive Representative has changed.

Board and Nominating Committee Members' Terms to Expire at 2023 Board of Directors' Regular 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.

Provided is a list of the FCM, IB, CPO/CTA and SD/MSP/RFED Board and Nominating Committee members whose terms shall expire at the Board of Directors' regular annual meeting on February 16, 2023. Please use the form provided 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 and the Nominating Committee is provided. The Nominating Committee shall consider names that are submitted and the membership will be notified of the Committee's nominations. Thereafter, additional nominations may be made by petition pursuant to NFA's Articles. The procedure for filing a nomination by petition will be contained in a subsequent Notice to Members announcing the Nominating Committee's nominations to fill the Board and Nominating Committee vacancies.

FCM and IB Open Board Positions

Two (2) open positions for FCM Representatives of which at least one (1) representative must be affiliated with an FCM ranked as a top ten FCM based on the total amount of segregated funds and secured amounts as of June 30 preceding the election.

One (1) open position for an Independent IB Representative.

CPO/CTA Open Board Positions

Two (2) open positions for CPO/CTA Representatives of which at least one (1) must rank within the top 10% of CPOs and CTAs reporting any funds under management allocated to futures and swaps on NFA Form PQR and NFA Form PR as of June 30, 2022; and one (1) representative is an at-large position meaning that no conditions are placed on this representative's position as far as its ranking.

SD/MSP/RFED Open Board Positions

Two (2) open positions for SD/MSP/RFED Representatives of which one (1) representative must be affiliated with an SD, MSP or RFED that is not a Large Financial Institution as of June 30 preceding the election.

Nominating Committee Open Positions

In addition to the Board of Director vacancies, there are the following open positions on the Nominating Committee in the 2023 Member election:

  • One (1) open position for an FCM Representative who is affiliated with a non-top ten FCM based on the total amount of segregated funds and secured amounts held as of June 30 preceding the election;
     
  • One (1) open position for an IB Representative who is affiliated with an Independent IB;
     
  • One (1) open position for a CPO/CTA Representative who may be acting primarily as either a CPO or CTA; and
     
  • One (1) open position for an SD/MSP/RFED Representative who is affiliated with either an SD of a Large Financial Institution as of June 30 preceding the election or an SD/MSP/RFED that is a Non-Large Financial Institution as of June 30 preceding the election.

How to Submit Recommendations

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 by mail, email or fax for receipt no later than October 17, 2022 to:

By Mail:

Carol A. Wooding
General Counsel and Secretary
National Futures Association
300 South Riverside Plaza, Suite 1800
Chicago, Illinois 60606

By E-mail:
election2023@nfa.futures.org

By Fax:
Attn: Carol A. Wooding
(312) 781-1672

Should you have any questions, please contact Carol Wooding at (312) 781-1409.
 

BOARD AND NOMINATING COMMITTEE MEMBERS WHOSE TERMS WILL EXPIRE AT BOARD OF DIRECTORS' 2023 REGULAR ANNUAL MEETING

BOARD OF DIRECTORS
(Directors may succeed themselves)

FCM

Maria Chiodi
Credit Suisse Securities (USA) LLC

Thomas R. Kadlec
ADM Investor Services, Inc.

IB

Michael T. Burke
HighGround Trading LLC

CPO/CTA

Ernest L. Jaffarian
Efficient Capital Management LLC

Martin Lueck
Aspect Capital Limited

SD/MSP/RFED

Seth P. Bender
HSBC Bank, USA NA

Charlotte B. McLaughlin
PNC Capital Markets LLC

NOMINATING COMMITTEE MEMBERS WHOSE TERMS WILL EXPIRE AT THE BOARD OF DIRECTORS' 2023 REGULAR ANNUAL MEETING

NOMINATING COMMITTEE
(Nominating Committee members may NOT succeed themselves)

FCM

James B. Mackenzie
Charles Schwab Futures & Forex LLC

IB

William B. Gallwas
Striker Securities, Inc.

CPO/CTA

David G. Pollok
Lighthouse Investment Partners LLC

SD/MSP/RFED

Gregory A. Todd
Bank of America
 

COMPOSITION OF NFA'S BOARD OF DIRECTORS PURSUANT TO NFA'S ARTICLES OF INCORPORATION ARTICLE VII SECTION 2A

  • Five (5) FCM Representatives – At least two (2) representatives of FCMs ranked in the top ten FCMs and at least two (2) representatives of FCMs not ranked in the top ten FCMs based on the total of futures customer segregated funds and foreign futures or foreign options secured amounts held as of June 30 of the prior calendar year;
     
  • One (1) IB Representative of an IB required to maintain minimum adjusted net capital;
     
  • One (1) IB Representative of an IB not required to maintain minimum adjusted net capital;
     
  • Four (4) CPO/CTA Representatives – At least one (1) representative of CPOs or CTAs ranked within the top five (5) percent and at least one (1) representative of CPOs or CTAs ranked within the top ten (10) percent 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 of the prior calendar year;
     
  • Five (5) SD/MSP/RFED Representatives – At least two (2) representatives of SDs that are Large Financial Institutions as of June 30 of the prior calendar year and at least two (2) representatives of SDs, MSPs or RFEDs that are not Large Financial Institutions as of June 30 of the prior calendar year;
     
  • Three (3) Contract Market Representatives; and
     
  • Ten (10) Public Representatives.

COMPOSITION OF NFA'S NOMINATING COMMITTEE PURSUANT TO NFA'S ARTICLES OF INCORPORATION ARTICLE X SECTION 2

  • Three (3) FCM Representatives – At least one (1) representative of an FCM raed in the top ten FCMs and at least one (1) representative of an FCM or LTM not ranked in the top ten FCMs based on the total of futures customer segregated funds and foreign futures or foreign options secured amounts, as those terms are defined in the applicable Commission regulations, held as of June 30 of the prior calendar year;
     
  • Three (3) IB Representatives – At least one (1) representative of an IB required to maintain minimum adjusted net capital and at least one (1) representative of an IB not required to maintain minimum adjusted net capital;
     
  • Three (3) CPO/CTA Representatives – At least one (1) representative that primarily acts as a CPO and at least one (1) representative that primarily acts as a CTA; and
     
  • Three (3) SD/MSP/RFED Representatives – At least one (1) representative of an SD that is a Large Financial Institution as of June 30 of the prior calendar year and at least one (1) representative of an SD, MSP or RFED that is not a Large Financial Institution as of June 30 of the prior calendar year.

A printable version of the Recommendation for Nomination is available here.

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