Proposed Rule
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(Additions are underscored and deletions are stricken)
OF
NATIONAL FUTURES ASSOCIATION
* * *
ARTICLE VII: BOARD OF DIRECTORS
Section 2: Composition of Board.
The Board of Directors shall be comprised as follows:
(c) Industry Participant and Public Representatives.
- (i) Six (6)
- (A) Three (3) elected representatives of registered commodity pool operators (hereinafter "CPOs") and registered commodity trading advisors (hereinafter "CTAs") that are NFA Members, including at least one representative of a Member that acts primarily as a CPO
(B) Three (3) elected representatives of registered commodity trading advisors ("CTAs") that are NFA Members, including at least one representative of a Member that acts primarily as a CTA which and ranks within the top one-third of CTAs with funds under management allocated to futures (as defined in Article XVIII(k)).
If neither none of the individuals serving continuing terms in a particular category is a representative of a firm within the top one-third of that category CPOs, the individual with the highest number of votes who is a representative of a firm within the top one-third shall be elected. If none of the individuals serving continuing terms is a representative of a firm within the top one-third of CTAs, the individual with the highest number of votes who is a representative of a firm within the top one-third shall be elected. Ties shall be resolved by the Board by random draw.
Section 3: Nominations; Election.
The elected Directors shall be chosen as follows:
(b) Petition Procedure.
Nominations may be made for elected Director positions by:
- (i) Petition signed by 50 or more NFA Members in the category for which the nomination is made (i.e., FCM and LTM, IB, and CPO