Notices to Members

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Notice I-23-20

November 20, 2023

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

Please Route To:
Sr. Management

NFA's Board of Directors (Board) amended NFA's Articles of Incorporation (Articles) to reduce the size of NFA's Board from 29 to 21 Directors. The Board's new composition becomes effective at the Board's Annual Meeting on February 15, 2024, at which time the terms of all current Public Representatives - Ana Beskin, Michael C. Dawley, Ronald H. Filler, Arthur W. Hahn, Douglas E. Harris, Mary M. McDonnell, Michael H. Moskow, Ronald S. Oppenheimer, Todd E. Petzel, and Michael R. Schaefer - will expire. NFA is seeking nominations to fill seven Public Representative vacancies. The incumbent Public Representatives are eligible for nomination.*

NFA's Articles permit NFA Members and non-Members to nominate Public Representatives. At its February 15, 2024 Annual Meeting, the Board will elect, by majority vote, from among the nominees seven Public Representatives to serve on the Board.

Over the years, 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 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 firm with which the Director is an officer, director or partner receives more than $100,000 in combined annual payments from NFA, or 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. 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.

Public representation on NFA's Board of Directors is an important matter. We ask that you give serious consideration to submitting a nomination to fill these vacancies. The deadline for submitting Public Representative nominations is Tuesday, January 9, 2024.

Nominations may be submitted by mail or email by January 9, 2024 to:

By Mail:
Carol A. Wooding
General Counsel and Secretary
320 South Canal, Suite 2400
Chicago, Illinois 60606

By Email:

If you have any questions, contact Carol Wooding (312-781-1409 or

*Incumbent Public Representatives Michael H. Moskow and Michael R. Schaefer are not seeking re-election.

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