Proposed Amendments to NFA Articles of Incorporation Regarding Changes to Structure of Board of Directors and Executive Committee: NFA Notice I-14-08

The National Futures Association ("NFA") issued a notice indicating that the proposed changes to integrate swap dealers and major swap participants into the composition of the Board and the Executive Committee were reviewed and unanimously ratified at the Special Committee on NFA Governance meeting on February 20, 2014.The changes to the NFA's Articles of Incorporation provide that:

• the Executive Committee would have two representatives from the FCM/IB, CPO/CTA, Swap Participant/RFED and exchange categories. In addition, the Chairperson would be a member of the Executive Committee in his or her role as Chairperson but would vote only in the case of a tie vote;
• a separate RFED Director seat would be eliminated and RFEDs combined with SDs and MSPs for the purposes of Board representation; and
• Public Representatives would continue to comprise 35% of the Board but would not reflect an exact number (i.e., 14) of Public Representatives.

Amendments to the NFA's Articles require an affirmative vote of a majority of members. The ballot enclosed in the NFA notice must be submitted by March 21, 2014.

See: NFA Notice I-14-08.