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As the industry changes, the types of services which NFA performs on behalf of the industry must also change. To that end, NFA's Board has authorized NFA to perform trade practice and market surveillance, along with other regulatory services, on behalf of evolving electronic exchanges. The regulatory services that NFA performs for these exchanges are consistent with NFA's fundamental mission of broadening the benefits of self-regulation for our Members and the users of the markets.
The complete statement of NFA's fundamental purposes as currently set forth in Section 1 of Article III of NFA's Articles reads as follows:
- Subject to the limitations in Section 2 of this Article, the fundamental purposes of NFA are to promote the improvement of business conditions and the common business interests of persons engaged in commodity futures activity (i) undertaking the regulation of persons that are members of NFA (hereinafter "Members") as set forth in this Article; (ii) relieving the Commodity Futures Trading Commission (hereinafter "Commission") from the substantial burden of direct regulation in such matters; and (iii) facilitating the allocation of increased Commission resources to contract market designations, approval of contract market rules, registration of industry professionals and other duties of the Commission affecting the growth of the commodity futures industry and the public's ability to avail itself of the industry's expanding services . . .
As mentioned earlier, NFA intends to make the amendments to Article III effective ten days after receipt of this submission by the Commission unless the Commission notifies NFA within the ten-day period that the Commission has determined to review the amendments for approval.