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NFA Manual / Rules

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[Adopted effective March 15, 1994. Effective dates of amendments: January 1, 2005 and August 1, 2016.]

There shall be a Hearing Committee, consisting of at least 15 individuals who shall be Members, persons connected therewith or members of the public. A majority of the Hearing Committee members shall constitute a quorum, except in the case of a Panel (See Compliance Rule 3-7) a quorum shall consist of a majority of such Panel members. The members of the Hearing Committee shall be nominated by the President and approved by the Board. The President and the Board shall endeavor to nominate and appoint individuals who reflect the various categories of NFA Members and members of the public. At least one-third of the members of the Hearing Committee shall not be NFA Members or Associates or employees of NFA Members.

Each member of the Hearing Committee shall serve for three years, or until the member's death, resignation, ineligibility or removal. A vacancy in the Hearing Committee shall be filled by the Board. A Hearing Committee member may be removed by the Board whenever, in its judgment, the best interests of NFA will be served thereby.

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