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Articles of Incorporation amended to “provide NFA with additional flexibility regarding FCM representation” on its Board
Posted by Felix Shipkevich on May 18, 2009 | 1 comment
Effective May 18, the NFA’s Articles of Incorporation will mandate that the FCM Nominating Committee fill the NFA’s eight FCM dedicated Board seats by drawing two representatives from top ten ranked FCMs, two from non-top ten FCMS, and four at large. Previously, four were drawn from among the top ten FCMs and four from non-top ten FCMs. FCM Ranking is by the total amount of segregated funds and secured amounts held. The committee will begin its first round of nominations under the new rules in the fall of 2009.
About The Author
Felix Shipkevich
Felix Shipkevich is a Manhattan-based attorney and general counsel for Shipkevich Law Firm. He has extensive experience working with the CFTC and NFA on registration, compliance, and enforcement issues for CPOs, CTAs, FCMs, IBs, and RFEDs. Felix also practices intellectual property and corporate governance law.One Response to “Articles of Incorporation amended to “provide NFA with additional flexibility regarding FCM representation” on its Board”
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The industry has been so dynamic over these last few years that the rankings have failed to adequately distinguish between major and minor players.