NFA Proposes Amendments Regarding Board Structure and Composition
NFA filed with the CFTC proposed amendments to NFA's Articles of Incorporation regarding the Board of Director's structure and composition.
Generally, the NFA Board is made up of representatives of these distinct classes: (i) contract markets; (ii) FCMs, LTMs and IBs; (iii) CPOs and CTAs; (iv) swap dealers; and (v) public representatives. The amendments would reduce the number of representatives from every class, with the FCMs, LTMs and IBs and the swap dealers each losing two representatives, and the other groups each losing one representative.
NFA stated that pending the CFTC's approval, it intends to make the amendments effective in February 2016 at the Board's regular annual meeting.