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Рубрика: Forex description

Introducing broker agreement forex cargo

introducing broker agreement forex cargo

Provided, however, that any commodity trading advisor, commodity pool operator, or introducing broker that has been approved as a forex firm pursuant to NFA. “FX” or “Forex” shall mean Foreign Exchange, sale and purchase of currencies against each other. “Introducing Broker” shall mean any financial institution. well as to provide brokerage, training and managed account services in currencies, contract with for introducing Clients to the Company. FOREX TRADING SESSION SCHEDULE Do not below will connection will any files. If you Desktop is the same merge file, however when. Who can seat too Invalid verification.

For the purposes of this limitation, a Contract Market Member shall be deemed to be affiliated with another Contract Market Member if it directly or indirectly owns percent of or is owned percent by or has percent ownership in common with such other Contract Market Member.

Seven 7 elected representatives of registered or provisionally registered Swap Dealers, registered or provisionally registered Major Swap Participants and registered Retail Foreign Exchange Dealers, divided as follows:. Notwithstanding anything to the contrary contained herein, the terms of office of all Directors in office shall expire at the regular annual meeting of the Board held in February From and after the regular annual meeting of the Board held in February , the Board of Directors shall be comprised as follows:.

Only Contract Market Members not represented in accordance with Section 2A a ii a shall be eligible to vote for the representatives elected in accordance with this Section 2A a ii b. Five 5 elected representatives of registered or provisionally registered Swap Dealers, registered or provisionally registered Major Swap Participants and registered Retail Foreign Exchange Dealers, divided as follows:.

These nominations shall be made in accordance with the eligibility requirements contained in this Article. The Nominating Committee shall nominate candidates whose election shall result in diverse segments of each category being represented on the Board based upon the size of the Member, the type of business conducted by the Member and the type of customer serviced by the Member.

Petitions shall be submitted in the manner specified in the Bylaws. No petition may nominate more than one candidate for the same position. If there is a contested election in any category See b i above of NFA Members, the Members in that category shall thereafter elect by plurality vote from such nominees the Directors that are to represent that category.

The election shall be conducted in the manner provided in the Bylaws, which shall provide for an Annual Election. If there is not a contested election in any category of NFA Members, the Directors that are to represent that category shall be elected to the Board by the members of the Executive Committee, other than the members who are Public Representatives and solely for such purposes shall be deemed the sole voting members under the General Corporation Law of the State of Delaware.

The Public Representatives shall be chosen as follows: Before the Annual Election, the Board shall solicit the nomination of individuals to serve on the Board in the Public Representative category. At the Board's regular annual meeting, the Board shall, by majority vote, elect the Public Representatives to serve on the Board. If there is a contested election of such Contract Market Members, the Contract Market Members eligible to vote pursuant to Article VII , Section 2A a ii b shall thereafter elect by plurality vote from such nominees the Directors that will represent them.

If there is not a contested election of such Contract Market Members, the Directors that are to represent that category shall be elected to the Board by the members of the Executive Committee, other than the members who are Public Representatives and solely for such purposes shall be deemed the sole voting members under the General Corporation Law of the State of Delaware. The remainder of such Directors shall serve one-year terms. The Board shall determine which five 5 of the Public Representatives whose terms begin on the date of the regular annual meeting of the Board held in February shall serve two-year terms.

The remainder of the Public Representatives shall serve-one-year terms. Except as provided above, Directors other than Contract Market Member Directors shall serve for two-year terms, from the date of the Board's regular annual meeting following the Annual Election at which they are elected until the date of the Board's regular annual meeting two years hence.

Each Director shall have one vote upon any matter coming before the Board for official action, and, except as otherwise provided in these Articles or NFA's Bylaws, the affirmative vote of a majority of the Directors present and voting at a meeting of the Board shall be NFA's official act if a quorum is present.

A quorum of the Board shall consist of one-half of the Directors, except where NFA Bylaws specify a lesser number in emergency situations. There shall be a Chairman and Vice Chairman of the Board. They shall serve for one-year terms and shall be elected by the Board at its regular annual meeting, by majority vote. The Chairman shall be elected from among the Directors in office and the Vice Chairman shall be elected from among Directors elected to serve on the Executive Committee.

A vacancy that occurs on the Board before the expiration of a Director's term or because additional Directors in existing or new Member categories are required shall be filled for the unexpired term by an eligible individual elected by majority vote of the remaining Directors who represent the category of Members in which the vacancy occurred, except that if the vacancy involves a representative of a Contract Market Member, that Contract Market Member shall designate the successor.

In the event there are no Directors remaining who represent the category of Members in which the vacancy occurred, the vacancy shall be filled by an eligible individual elected by the Board. In accordance with Section j of the General Corporation Law of the State of Delaware, notwithstanding anything to the contrary set forth in the other provisions of the General Corporation Law of the State of Delaware, including the other provisions of Section , Directors may be removed from office as follows:.

In addition to any other Director qualification set forth herein or in the Bylaws or any other policy of the Board or NFA, no Director who has been removed from office in accordance with Section 9 of Article VII hereof shall be qualified to be a Director at any time following such removal. There shall be an Executive Committee of the Board, which may exercise all powers of the Board except as set forth in Section 2 below.

The authorized actions of the Executive Committee shall be deemed actions of the Board. The Executive Committee shall not exercise any power of the Board when the Board is in session, and the Executive Committee shall at no time take any action with respect to any matter that is the subject of a notice of a pending Board meeting without the concurrence of the Board.

A One 1 representative of a Contract Market that had transaction volume of more than 20 percent of aggregate contract market transaction volume during the prior calendar year. A specific Contract Market's transaction volume shall be the number of commodity futures contracts and swaps contracts entered into on the Contract Market. The aggregate contract market transaction volume shall be the number of such contracts entered into on all U.

B One 1 representative of a Contract Market other than a Contract Market described in clause A above: Provided, however , if no Contract Market described in clause A above is represented on the Board, there shall be two Directors on the Committee from Contract Markets represented on the Board;.

The elected members of the Executive Committee shall be chosen by the Board at the regular annual meeting as follows: The Directors representing Contract Markets that had transaction volume of more than 20 percent of aggregate Contract Market transaction volume during the prior calendar year shall elect the Committee member in category c i A above; the Directors representing all other Contract Markets shall elect the Committee member in category c i B above; the Directors representing FCMs, LTMs and IBs shall elect the Committee members in category c ii above; the Directors representing CPOs and CTAs shall elect the Committee members in category c iii above; the Directors representing SDs, MSPs and RFEDs shall elect the Committee members in category c iv above; and the Public Representative Directors shall elect the Committee members in category c v above.

A vacancy that occurs on the Executive Committee before the expiration of a Committee Member's term or because additional Committee Members in existing or new Member categories are required shall be filled in like manner. Tie votes may be resolved by the Board by random draw. Each member of the Executive Committee shall have one vote on Executive Committee matters. A majority of the Executive Committee members shall constitute a quorum. There shall be a President, a Secretary, and a Treasurer, and such other subordinate officers as the Board deems appropriate.

The foregoing officers shall be appointed, and may be removed, by the Board, as prescribed in the Bylaws. Each Subcommittee shall nominate at least one candidate for each position to be filled on the Board in the Subcommittee's category, in accordance with the eligibility requirements of Article VII.

Each Subcommittee of the Nominating Committee shall nominate, for each position to be filled on the Nominating Committee, one eligible individual for election by the Members to that Subcommittee for the following term. Additional nominations may be made for each such position by petition in the manner set forth in Article VII, Section 3.

No person shall be nominated or elected to the Nominating Committee who has served on the Nominating Committee during the preceding term, and no person shall be nominated or elected to the Nominating Committee who, at the time of such nomination or election, is a Director.

Any vacancy that occurs on the Nominating Committee shall be filled by the Board from among persons eligible under this Article to serve thereon. Bylaws of NFA may be adopted, amended or repealed in accordance with Article VII, Section 5, except that the Board shall not take the following actions unless a two-thirds majority of the Directors present and voting approves:.

Except insofar as such matters are expressly contained in these Articles, the following shall be as provided from time to time in NFA's Bylaws: The conditions of, method of admission to, and qualifications for membership and Associate registration; the limitations, rights, powers and duties of Members and Associates; dues and assessments; the method of expulsion from and the termination of membership and Associate registration; the procedures for the settlement of claims and grievances; and all other matters pertaining to membership in, registration with, and the conduct, management and control of the business, property and affairs of NFA.

The NFA Board may establish such effective date for any of its requirements as it deems appropriate in light of NFA resources and the prudent initiation of particular NFA operations and programs. The private property of the Members shall not be subject to the payment of NFA's debts or liabilities to any extent whatsoever.

The initial costs of organization of NFA shall be borne by the Organizers, except that the Board in its discretion may reimburse the Organizers for all or any part of such verified organizational expenses. The initial working capital of NFA shall consist of borrowings from Contract Markets or other sources, to be evidenced by loan agreements, promissory notes or other evidences of indebtedness, which shall be repaid as promptly as practicable from dues, assessments or other revenue received by NFA.

NFA schedules of such charges may prescribe different rates or amounts for different categories of Members, or sub-categories therein, endeavoring to reflect differences in the financial burden borne or expected to be borne by NFA in carrying out its duties and programs for each such category or sub-category. Nothing herein shall prohibit or inhibit the Board, in its discretion, from securing loans, accepting gifts, grants or contributions, or otherwise obtaining financing to meet NFA's initial or on-going needs in lieu of or in addition to the other methods of financing recited in this Article.

The name of its registered agent is the Corporation Trust Company. NFA shall provide in its Bylaws for indemnification of its past and present directors, officers, committee members, employees and agents, and any person who is serving or has served at NFA's request as a director, officer, committee member, employee or agent of another organization, to the full extent permitted by law. Upon dissolution, the net assets of NFA, after payment of liabilities, shall be distributed to the then Members in proportion to the dues and assessments previously paid.

To the fullest extent permitted by the Delaware General Corporation Law as the same exists or may hereafter be amended, a director of this corporation shall not be liable to the corporation or its members for monetary damages for breach of fiduciary duty as a director. No provision of these Articles may be adopted, amended or repealed except in the manner prescribed in this Article. Each such proposed change to the Articles shall be reviewed by the Board, and shall be submitted to the Members of NFA only upon approval of the proposal by the Board by two-thirds of the Directors present and voting.

If any such proposed change relates to Article III, Section 2, such proposed change shall not be considered by the Board for approval unless at least 60 days written notice of the proposed change has been given to each Contract Market Member. Upon such approval, the proposal shall be submitted to a vote of the Members and shall be adopted upon the affirmative vote of a majority of those Members that cast a vote in each of the categories set forth in Sections 2A a -2A d of Article VII.

A Has been and is suspended or expelled from a registered futures association or contract market for violating any rule of the association or contract market that:. B Has been and is barred or suspended from being associated with all members of a registered futures association or contract market for violating a rule described in paragraph A above;. C Is subject to an order of the Commission denying, suspending or revoking the person's registration under Section 6 b of the Act; expelling or suspending the person from membership in a registered futures association or contract market; or barring or suspending the person from being associated with an FCM;.

D Whether before or after becoming a Member or associated with a Member, was, by the person's conduct while associated with a Member, a cause of any suspension, expulsion or order described in paragraphs a ii A - C above that is in effect with respect to the person; or. E Has associated with the person any other person who is known to, or in the exercise of reasonable care should be known to, the person to be ineligible to become or remain a Member or associated with a Member under paragraphs a ii A - D above.

As used in these Bylaws, the term "associated with a Member" means any person who is associated with a Member of NFA within the meaning of the term "associated person" as used in the Act or Commission Rules and who is required to be registered as such with the Commission. A acting as a futures commission merchant, introducing broker, floor broker, commodity trading advisor, commodity pool operator, leverage transaction merchant, associated person of any registrant under the Act, securities broker, securities dealer, municipal securities broker, municipal securities dealer, transfer agent, clearing agency, securities information processor, investment adviser, investment company or affiliated person or employee of any of the foregoing; or.

B engaging in or continuing any activity involving any transaction in or advice concerning contracts of sale of a commodity for future delivery, concerning matters subject to Commission regulation under Section 4c or 19 of the Act, or concerning securities;. A involves any transactions or advice concerning any contract of sale of a commodity for future delivery, or any activity subject to Commission regulation under Section 4c or 19 of the Act, or concerning a security;.

B arises out of the conduct of the business of a futures commission merchant, introducing broker, floor broker, commodity trading advisor, commodity pool operator, leverage transaction merchant, associated person of any registrant under the Act, securities broker, securities dealer, municipal securities broker, municipal securities dealer, transfer agent, clearing agency, securities information processor, investment adviser, investment company, or an affiliated person or employee of any of the foregoing;.

C involves embezzlement, theft, extortion, fraud, fraudulent conversion, misappropriation of funds, securities of property, forgery, counterfeiting, false pretenses, bribery, or gambling; or. D involves the violation of Section , , , or , or Chapter 25, 47, 95, or 96 of Title 18, United States Code;. B to have willfully aided, abetted, counseled, commanded, induced, or procured such violation by any other person;. A there have been established procedures, and a system for applying such procedures, which would reasonably be expected to prevent and detect, insofar as practicable, any such violation by such other person, and.

B such person has reasonably discharged the duties and obligations incumbent upon that person, as supervisor, by reason of such procedures and system, without reasonable cause to believe that such procedures and system were not being complied with;. A to have violated any statute or any rule, regulation, or order thereunder which involves embezzlement, theft, extortion, fraud, fraudulent conversion, misappropriation of funds, securities or property, forgery, counterfeiting, false pretenses, bribery, or gambling; or.

B to have willfully aided, abetted, counseled, commanded, induced or procured such violation by any other person;. A person who is ineligible or disqualified to become or remain a Member or associated with a Member under paragraphs a or d above may nevertheless become or remain a Member or associated with a Member:.

The Member or applicant for membership shall file all applications for itself and its Associates by accessing NFA's registration and membership database in the manner provided by NFA. Each Member or applicant for membership shall designate the person or persons authorized to file its application and the applications of its Associates. NFA may require any individual applying for registration as an Associate to electronically verify the information contained in the application.

Applicants for registration as Associates may not authorize any other person to make such verification on their behalf. Each applicant for membership shall pay such application fee as the Membership Committee may prescribe from time to time. A a certification that the information supplied in the application is complete and accurate;. B a certification that the applicant or Member has authorized the person filing the application to make such filing and all certifications and agreements required by this paragraph; and.

C an express agreement by the applicant that, whenever admitted to NFA membership or registered as an Associate, the applicant and its employees shall become and remain bound by all NFA requirements, including without limitation all applicable NFA Bylaws, Compliance Rules, Financial Requirements, Registration Rules, Code of Arbitration and Member Arbitration Rules as then and thereafter in effect and that such agreement shall apply each time the applicant becomes a Member or Associate.

B Each applicant, Member and Associate is responsible for maintaining the security and confidentiality of its identifying code and password and those of the persons whom it authorizes, if permitted, to make electronic registration filings on its behalf. NFA's electronic registration and membership database shall record and store the identifying code of each person accessing NFA's database and shall logically associate in the database such identifying code with any electronic filing made by the person using such identifying code.

The person whose identifying code is used to make an electronic filing will be deemed to have made such filing;. D The ability to electronically access NFA's registration and membership database is a privilege and not a right. NFA may disable any person's identifying code and password and terminate the person's ability to access the database at any time, without notice or a hearing, in NFA's sole discretion, if NFA believes that the person has not complied with this Bylaw or any procedures that NFA establishes to implement this Bylaw.

The person shall be given an opportunity to show in writing to the President that the qualifications are met, or that the application is not intentionally incomplete, inaccurate or false. If the person requests, or if the Membership Committee orders, a hearing shall be held before the Membership Committee or its designated Subcommittee, and a record shall be kept. The member of the Membership Committee sitting on each designated Subcommittee shall serve as the Chairman of the Subcommittee.

Each member of the designated Subcommittee shall be appointed by a majority of the Membership Committee. The person may be represented at the hearing, and submit evidence in the proceeding, call and examine witnesses, examine the evidence upon which the President's determination was based, and, in the discretion of the Membership Committee or its designated Subcommittee, present written or oral argument. No member of the Membership Committee or a designated Subcommittee shall participate in a membership action if the member, or any person with whom the member is connected, has a financial, personal or other direct interest in the matter under consideration or is disqualified under Bylaw c.

Such determination shall include the specific grounds for the denial, bar, expulsion or restriction; the findings made concerning those grounds; and an explanation of the result reached in light of the grounds of ineligibility found and the findings made. A copy of the determination shall promptly be sent to the person. The notice must describe those aspects of the membership action to which exception is taken, and must contain any request by the Respondent to present written or oral argument.

If such a review will be conducted, the Appeals Committee will give written notice to the Respondent within 15 days of the date of the decision. Such review may be conducted by the Appeals Committee:. The petition will state why the Registration and Membership Department is seeking review and must contain any request by the Registration and Membership Department to present written or oral argument. C The Respondent's filing of a notice of appeal under paragraph A above or the institution by the Appeals Committee of its own review under paragraph B above shall operate as a stay of the effective date of the membership order, until the Appeals Committee renders its decision.

D No member of the Appeals Committee shall participate in the proceeding if the member participated in any prior stage of the membership proceeding other than the review of a settlement offer or if the member, or any person with which the member is connected, has a financial, personal or other direct interest in the matter under consideration or is disqualified under Bylaw c. Except for good cause shown, the appeal or review shall be conducted solely on the record before the Membership Committee or Subcommittee, the written exceptions described in the notice of appeal under paragraph A above, and such written or oral arguments of the parties as the Appeals Committee may authorize.

E If the Appeals Committee authorizes written argument, briefs shall be filed as follows unless otherwise ordered by the Appeals Committee:. F Promptly after reviewing the matter, the Appeals Committee shall issue a written and dated decision, based on the weight of the evidence. The decision shall include:. The membership or Associate membership of any person may be terminated or withdrawn as set forth below. Termination or withdrawal of a person's membership or associate membership shall not relieve the Member or Associate of any responsibility under the NFA Code of Arbitration, Member Arbitration Rules, Bylaws, Compliance Rules, Financial Requirements, Registration Rules, Interpretive Notices or Orders issued by the Executive Committee, Membership Committee, Appeals Committee, Hearing Committee or any designated Subcommittee or Panel of such Committees for activities prior to termination, or of the obligation to pay any dues, assessments, fines, penalties or other charges theretofore accrued and unpaid.

The termination of the temporary license of any Member or Associate shall also terminate such person's membership or associate membership unless such person remains otherwise eligible for membership under Bylaw a. The membership of any Member that withdraws all registrations under the Act shall be withdrawn without further prior notice.

Each Member shall promptly file a Form 8-T, completed and filed in accordance with all pertinent instructions, notifying the Secretary of the termination of employment of any registered or pending Associate with the Member. A Member may request to withdraw its application for membership at any time before approval or request to withdraw from membership at any time by filing a Form 7-W, completed and filed in accordance with all pertinent instructions.

A request to withdraw an application for membership will become effective on the 30th day after the Member files the request, or earlier upon notice from NFA of the granting of such request. A request to withdraw from membership, including a deemed request to withdraw from membership, will become effective on the 30th day after the Member files or is deemed to have made the request, or earlier upon notice from NFA of the granting of such request, unless prior to the effective date NFA notifies the Member in writing that the request is denied because:.

The membership of any Member or any person associated with a Member whose registration under the Act is suspended shall be suspended for the term of the registration suspension without further prior notice. The membership of any Member or any person associated with a Member whose registration under the Act is revoked shall terminate without further prior notice. The Member shall complete the questionnaire and submit the completed questionnaire on the date specified thereon.

NFA shall deem the failure to file the completed questionnaire within 30 days following such date a request to withdraw from NFA membership, and shall notify the Member accordingly. Except as provided in subsection ii below, the principal address of each Member and the address of each registered Associate currently on file with NFA shall be deemed by NFA the correct address for delivery to the Member or Associate of any written communication, document or notice from NFA.

Delivery of any written communication, document or notice shall be complete upon mailing, delivery to a generally recognized overnight courier service or delivery to a messenger service. The failure of a Member to notify NFA of a change in the Member's principal address shall constitute grounds for summary suspension or termination of the NFA membership of such Member by order of the President on seven days' written notice.

Unless a different method of delivery is specifically required, NFA may deliver any communication, document or notice to the email address or addresses currently on file. The email address or addresses currently on file shall be deemed by NFA the correct address or addresses for delivery to the Member of the communication, document or notice by email. Delivery of any communication, document or notice by email shall be complete upon sending.

A If any Member that has been approved as a forex firm fails to have at least one principal that is registered as an "associated person" and approved as a forex associated person, then NFA shall deem such failure as a request to have the approval of the Member as a forex firm withdrawn and shall notify that Member accordingly. A Member may request that its designation, or pending application for designation, as an approved Forex Dealer Member or approval, or pending application for approval, as a forex firm be withdrawn by filing such a request through NFA's Online Registration System.

Such a request shall become effective on the 30th day after the Member files the request, or earlier upon notice from NFA of the granting of such request. A Member may request that its approval, or pending application for approval, as a swaps firm be withdrawn by filing such a request through NFA's Online Registration System.

NFA may provide any notice required by Bylaw electronically unless written notice is specifically required. Notices provided in writing shall be complete upon mailing. The Membership Committee may admit an applicant to membership, or grant an applicant registration as an Associate, subject to such terms and conditions as the Committee deems appropriate.

The private property of the Members shall not be subject to the payment of NFA's debts or liabilities to any extent whatsoever, except that Members shall be liable to NFA for dues, assessments, fees, and similar charges imposed on them by NFA. With the Board's approval, a Member may receive compensation for services rendered to NFA and reimbursement for expenses, including overhead, reasonably incurred on behalf of NFA, and may be repaid for loans or other credit extended by the Member to NFA.

Effective dates of amendments: November 29, ; May 4, ; November 5, ; December 3, ; December 16, ; March 1, ; September 30, ; January 28, ; June 13, ; September 23, ; January 2, ; March 26, ; July 1, ; April 4, and August 1, Subject to Articles III and XI and Bylaw , the Board shall adopt Registration Rules in accordance with which NFA shall perform the portion of the registration functions under the Act which it is required or authorized by the Commission to perform pursuant to Section 8a 10 or Section 17 o of the Act and in accordance with which NFA shall determine proficiency for purposes of determining fitness to be registered under the Act except with respect to floor brokers and floor traders and for purposes of determining membership qualification under Bylaw d , which rules shall be deemed a part of these Bylaws.

Effective dates of amendments: December 1, ; June 13, ; February 13, ; October 18, ; and October 1, ]. Members of NFA are Forex Dealer Members if they are the counterparty or offer to be the counterparty to forex transactions as defined in Bylaw b. Meetings of NFA Members may be held at such place, either in Delaware or elsewhere, as may be designated by the Board or the officers calling the meeting. If no designation is made, the place of meeting shall be NFA's principal office in Chicago.

The annual meeting of the Members shall be held on the first Tuesday in February of each year or at such other date and time as determined by the Board, for the election of Directors elected by Members and the transaction of such business as may come before the meeting. The Board or Executive Committee may postpone, reschedule or cancel any meeting of Members previously scheduled by the Board. Special meetings of the Members may be called for any purpose or purposes by the Chairman, the President or the Board.

Special meetings shall also be called by the President when requested in writing by at least 10 percent of the Members. This request must state the purpose or purposes for which the special meeting is to be called. The business transacted at the meeting shall be limited to the purpose stated in the notice. The Board or Executive Committee may postpone, reschedule or cancel any meeting of Members previously scheduled by the Chairman, the President or the Board.

A notice stating the place, day and hour of any meeting of Members and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered not less than 10 nor more than 40 days before the date of the meeting, either personally, by U. If mailed, the notice shall be deemed delivered when deposited in the U.

Attendance at a meeting by a Member shall constitute waiver of notice of such meeting, except when the Member attends a meeting for express purposes of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.

If a quorum is not present at a meeting, the Members in attendance may act to adjourn the meeting. Each Member entitled to vote at a meeting of Members may vote in person at the meeting by ballot or may authorize another person or persons to act for such Member by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. The Annual Election shall be held at the annual meeting of Members, at which the contested vacancies on the Board and Nominating Committee shall be filled.

Before the October 15 preceding the election, the Secretary shall:. Before the November 20 preceding the election, the Nominating Committee shall submit its list of nominees for the positions to the Secretary, who shall promptly notify the Members of the nominations.

Other nominations may be made by petition, as prescribed in the Articles. Each petition must identify the position to which the nomination pertains. Petitions must be received by the Secretary within 21 days of the issuance of the Secretary's notification of the candidates proposed by the Nominating Committee.

Promptly after the expiration of the period within which petitions may be submitted, the Secretary shall notify the Members of all of the candidates for Director and members of the Nominating Committee. Promptly after December 31 of the year immediately preceding the election, the Secretary shall notify the contract market Members that shall have representatives on the Board during the current calendar year.

Provided, however, that if an election is held pursuant to Article VII, Section 2 a ii b or Section 2A a ii b , then the Secretary shall request the contract market Members eligible to have a representative in accordance with Article VII, Section 2 a ii b or Section 2A a ii b , respectively, to nominate eligible persons to represent such contract market Members.

In the event of a contested election in the contract market category, the Secretary shall cause notice of the meeting wherein such election shall be considered to be sent to all contract market Members eligible to vote in accordance with Article VII, Section 2 a ii b or Section 2A a ii b , respectively, by January In order that NFA may determine the Members entitled to notice of any meeting of Members or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, not be more than sixty 60 nor less than ten 10 days before the date of such meeting.

If the Board so fixes a date, such date shall also be the record date for determining the Members entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining Members entitled to notice of or to vote at a meeting of Members shall be at the close of business on the day prior to the day on which notice is given, or, if notice is waived, at the close of business on the day prior to the day on which the meeting is held.

A determination of Members of record entitled to notice of or to vote at a meeting of Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for determination of Members entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for Members entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of Members entitled to vote in accordance herewith at the adjourned meeting.

Unless otherwise restricted by the Articles, in order that NFA may determine the Members entitled to express consent to corporate action in writing without a meeting, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than ten 10 days after the date upon which the resolution fixing the record date is adopted by the Board.

If no record date for determining Members entitled to express consent to corporate action in writing without a meeting is fixed by the Board, i when no prior action of the Board is required by law, the record date for such purpose shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to NFA in accordance with applicable law, and ii if prior action by the Board is required by law, the record date for such purpose shall be at the close of business on the day on which the Board adopts the resolution taking such prior action.

The Executive Representative shall have the sole authority on behalf of the Member to sign petitions to nominate candidates for Director or Nominating Committee positions in accordance with Article VII, Section 3 b i and to vote or authorize another person or persons to act for such Member by proxy at any meeting of Members. All notices of meetings of Members shall be delivered to the Executive Representative.

NFA's property, business and affairs shall be managed by or under the direction of the Board, and the Board may exercise all such powers of NFA as are directed, required or permitted by law, the Articles or these Bylaws to be exercised by the Board. Each Director shall hold office for the term prescribed in the Articles and until his successor shall have been duly elected and qualified, or until the Director's death, resignation or removal.

Directors need not be Delaware residents. Any Director may resign at any time by giving written notice, or notice by electronic transmission, to the Chairman, President or Secretary. The resignation shall take effect at the time set forth therein, and, unless otherwise specified therein, the acceptance of the resignation shall not be necessary to make it effective.

The Board's regular annual meeting shall be held in February, for the election of Officers and the appointment of Committee members. The date, time and place of the meeting shall be fixed by the Board. The Board may by resolution specify the time and place, either in Delaware or elsewhere, for the holding of additional regular meetings without notice other than such resolution.

Special meetings of the Board shall be held at the request of the Chairman, the President, or any 10 Directors. The date and place of the meeting shall be determined by the Chairman and specified in the notice of the meeting. Except in the event of an emergency as defined below , the Chairman shall cause notice of any special meeting of the Board to be given at least 48 hours before the time at which the meeting is to be held. Notices to Directors may be given in writing and delivered personally or mailed to the Directors at their addresses appearing on the books of NFA or may be given by telephone or other means of electronic transmission.

Attendance of a Director at the meeting shall constitute a waiver of notice of the meeting, except where a Director attends a meeting exclusively for the limited purpose of objecting, at the beginning of the meeting, to the transaction of any business thereat on the ground that the meeting is not lawfully called or convened.

In the event of an emergency as defined herein , the Chairman or President may call a meeting on one-hour notice to all Directors. Such notice may be given by telephone, electronic transmission or other lawful means. The business of the meeting shall be limited to the emergency. For purposes of this Bylaw, an emergency shall exist when the Chairman or President determines that, because of an unusual, unforeseeable and adverse circumstance, it is necessary to hold a meeting on one hour notice.

In the absence of the quorum, a majority of the Directors present and voting may adjourn the meeting to a day certain and, except in emergencies, the Secretary shall give all absent Directors 48 hours notice of such adjourned date. Any Director or any member of a committee designated by the Board may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Bylaw shall constitute presence in person at such meeting.

Any action that must or may be taken at a Board meeting may be taken without a meeting if a consent in writing or by electronic submission, setting forth the action so taken, shall be signed or given by all Directors then in office. This consent shall constitute a waiver of notice and meeting and shall have the same effect as a unanimous vote of all Directors at a meeting. Any such interpretation of the Board shall be final and conclusive. NFA will not seek or accept any authority in connection with the registration of floor brokers or floor traders that exceeds the authority granted to NFA in the initial Commission orders authorizing NFA to perform certain floor broker and floor trader registration functions or any other authority sought or accepted by NFA under the terms of this Bylaw, without the consent of contract market directors representing two-thirds of contract market Members.

No Director shall represent or appear as counsel on behalf of any person involved in an NFA investigation or a registration, membership or disciplinary proceeding undertaken by NFA. No Director or functional equivalent thereof shall use or disclose material, non-public information, obtained as a result of participation on the Board of Directors or any subcommittee of the Board of Directors, for any purpose other than the performance of official duties as a Director or subcommittee member.

If the sanction is stayed or overturned on appeal before the vacancy is filled, the Director shall be entitled to resume his seat on the Board. A director who is prohibited from deliberating or voting on a matter must disclose to NFA staff both the prohibition and the reason for the prohibition before the Board considers the matter. The Chairman and Vice Chairman shall be elected by the Board at its regular annual meeting in each year, to hold office until the next regular annual meeting of the Board or until their respective successors are elected and qualified.

The Board shall appoint a President, a Secretary, and a Treasurer. Vacancies occurring in any office by death, resignation, removal or otherwise shall be filled by the Board, and such replacement officers shall serve, in the case of the Chairman and Vice Chairman, until their successors are elected, or, in the case of other officers, until their successors are appointed.

No single individual may hold any two of the following positions concurrently: Chairman, Vice Chairman, President and Secretary. The Board may provide for such other offices and may appoint incumbents thereto, and assign their respective duties to them, from time to time, as the Board may deem advisable.

In its discretion, the Board may execute, on behalf of NFA, contracts of employment with appointed officers. The Chairman, and in the Chairman's absence the Vice Chairman, shall preside at all meetings of the Members and of the Board. In the absence of both, the Board shall elect a presiding officer for the meeting and, in the absence of such election, the Members shall elect a presiding officer for the meeting. The President shall be Chief Executive Officer.

The President shall see that all orders and resolutions of the Board are carried into effect and may execute bonds, mortgages, and other contracts. The President shall have general superintendence of all other appointed NFA officers and all employees, and shall see that their duties are properly performed. The President shall submit a report of the operations of NFA for the preceding fiscal year to the Members at the annual meeting, and from time to time shall report to the Board all matters which the interests of NFA may require to be brought to its notice.

The Secretary shall keep or cause to be kept full minutes of all meetings of the Members, the Board and Committees and shall attend the sessions of the Board and act as clerk thereof and record all the acts and votes and the minutes of all proceedings in a book to be kept for that purpose.

The Secretary shall see that all notices are duly given in accordance with these Bylaws or law, and shall perform such other duties as may be from time to time assigned. The Secretary shall have custody of the corporate seal and shall affix the same to all papers and documents whenever the seal shall be required to be so affixed.

The Secretary shall have custody of and properly keep or cause to be kept all the records and books of NFA. The Treasurer shall keep full and correct account of receipts and disbursements in the books belonging to NFA, and shall deposit all moneys and equivalents to the credit of NFA, in such financial institutions as may be designated by the Board. The Treasurer shall dispose of NFA funds as may be ordered by the Board by general resolution or in specific instances, taking proper vouchers for such disbursements, and shall render to the President and the Board, whenever they may require it, an account of all transactions as Treasurer and of NFA's financial condition.

Any officer may resign at any time by giving written notice to the Board or the Secretary. Any such resignation shall take effect at the time set forth therein; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. Removal of the Chairman and Vice Chairman shall be by the vote of a majority of the total number of Directors then in office. Removal of the President shall be by the vote of not less than two-thirds of the total number of Directors then in office.

Removal of the Secretary and Treasurer shall be by a majority vote of the Directors present and voting at any meeting where a quorum is present. Other officers may be removed in the same manner as the Secretary or Treasurer, or by any superior officer upon whom such removal power has been conferred by Board resolution. A majority of the Committee members shall constitute a quorum, except that in the case of a Subcommittee, a quorum shall consist of a majority of such Subcommittee members.

The Committee members shall be nominated by the President and appointed by the Board. The President and the Board shall endeavor to nominate and appoint Directors and persons who reflect the various categories of Members described in the Articles. The Committee or its designated Subcommittee shall review actions taken by the President pursuant to the President's authority under Chapter 3 to make the initial determination regarding: a applicants for membership in NFA or registration as Associates, and b continued eligibility for such membership or registration and shall conduct adverse registration actions as provided in Part of the Registration Rules.

Each Committee member shall serve for two years or until the member's successor is appointed and qualified, or until the member's death, resignation, ineligibility or removal. A Committee vacancy shall be filled by the Board. A Committee member may be removed by the Board whenever, in its judgment, the best interests of NFA will be served thereby. A majority of the Committee members shall constitute a quorum. The President and the Board shall endeavor to nominate and appoint Directors who reflect the various categories of Members described in the Articles.

The Committee shall hear and decide appeals from and reviews of decisions in disciplinary cases by the Business Conduct Committee or the Hearing Committee under the Compliance Rules and decisions by the Membership Committee or its designated Subcommittee in membership cases under Bylaw g.

Each Committee member shall serve for two years, or until the member's successor is appointed and qualified, or until the member's death, resignation, ineligibility or removal. Each member of an Advisory Committee shall be nominated by the President and serve for three years, except that the terms initially established shall be staggered, or until the member's successor is appointed and qualified, or until the member's death, resignation, ineligibility or removal.

A vacancy in an Advisory Committee shall be filled by the Board. A Committee member may be removed by the Board whenever in its judgment the best interests of NFA will be served thereby. A majority of the Business Conduct Committee members eligible to participate shall constitute a quorum, except that in the case of a Panel See Compliance Rule a quorum shall consist of a majority of such Panel members.

The members of the Business Conduct Committee shall be nominated by the President and appointed 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. Each member of the Business Conduct Committee shall serve for three years, or until the member's death, resignation, ineligibility or removal. A vacancy in the Business Conduct Committee shall be filled by the Board.

A Business Conduct Committee member may be removed by the Board whenever, in its judgment, the best interests of NFA will be served thereby. Effective dates of amendments: June 13, ; January 1, ; November 16, ; February 20, ; and August 1, There shall be a Finance Committee not having or exercising any authority of the Board, to advise the Executive Committee and Board on matters of NFA financial policy including the establishment of major plans and priorities regarding the commitment and expenditure of NFA funds and the establishment of dues, assessments, fees and other charges upon Members and others.

The Finance Committee shall consist of eight members as follows:. The members of the Finance Committee described in paragraph c above shall serve for one year, or until the member's death, resignation, ineligibility or removal. A vacancy in the Finance Committee shall be filled by the Board. A Finance Committee member may be removed by the Board whenever, in its judgment, the best interests of NFA will be served thereby.

Effective dates of amendments: January 1, and August 1, There shall be a Hearing Committee, consisting of at least 15 individuals who shall be Members, persons connected therewith or members of the public. Commodity option transaction; commodity option. Commodity pool operator. This term means any person engaged in a business which is of the nature of a commodity pool, investment trust, syndicate, or similar form of enterprise, and who, in connection therewith, solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions, the sale of stock or other forms of securities, or otherwise, for the purpose of trading in commodity interests, including any commodity for future delivery , security futures product, or swap ; any agreement, contract or transaction described in section 2 c 2 C i or section 2 c 2 D i of the Act; any commodity option authorized under section 4c of the Act; any leverage transaction authorized under section 19 of the Act; or any person who is registered with the Commission as a commodity pool operator , but does not include such persons not within the intent of this definition as the Commission may specify by rule or regulation or by order.

The term does not include:. This term, as it relates to a commodity trading advisor , means any person:. The term client includes, without limitation, any subscriber of a commodity trading advisor. When used in reference to a futures commission merchant , introducing broker , or commodity trading advisor , this term means documentation electronic or otherwise that memorializes specified terms of a transaction executed on behalf of a customer.

Contract market; designated contract market. These terms mean a board of trade designated by the Commission as a contract market under the Act and in accordance with the provisions of part 38 of this chapter. Contract of sale. This term includes sales, purchases, agreements of sale or purchase and agreements to sell or purchase. Controlled account. An account shall be deemed to be controlled by a person if such person by power of attorney or otherwise actually directs trading for such account.

Customer account. Customer funds. This term means, collectively, Cleared Swaps Customer Collateral and futures customer funds. Customer initial margin. This term means initial margin posted by a customer with a futures commission merchant , or by a non-clearing member futures commission merchant with a clearing member. Delivery month. This term means the month of delivery specified in a contract of sale of any commodity for future delivery.

Electronic signature. This term means an electronic sounds, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record. Electronic trading facility. This term means a trading facility that -. Eligible contract participant. This term has the meaning set forth in section 1a 18 of the Act, except that:.

A For purposes of identifying the owners of an entity under paragraph 7 i of this definition, any person holding a direct ownership interest in such entity shall be considered to be an owner of such entity; provided, however , that any shell company shall be disregarded, and the owners of such shell company shall be considered to be the owners of any entity owned by such shell company;. B For purposes of paragraph 7 ii A of this definition, the term shell company means any entity that limits its holdings to direct or indirect interests in entities that are relying on this paragraph 7 ; and.

C In determining whether an owner of an entity is an eligible contract participant for purposes of paragraph 7 i of this definition, an individual may be considered to be a proprietorship eligible contract participant only if the individual -. For this purpose, liabilities and equity should each be determined in accordance with U.

Foreign board of trade. This term means any board of trade , exchange or market located outside the United States, its territories or possessions, whether incorporated or unincorporated. Foreign broker. This term means any person located outside the United States, its territories or possessions who is engaged in soliciting or in accepting orders only from persons located outside the United States, its territories or possessions for the purchase or sale of any commodity interest transaction on or subject to the rules of any designated contract market or swap execution facility and that, in or in connection with such solicitation or acceptance of orders, accepts any money, securities or property or extends credit in lieu thereof to margin, guarantee, or secure any trades or contracts that result or may result therefrom.

Foreign futures or foreign options secured amount. This term means all money, securities and property received by a futures commission merchant from, for, or on behalf of Future delivery. This term does not include any sale of a cash commodity for deferred shipment or delivery. Futures account. This term means an account that is maintained in accordance with the segregation requirements of sections 4d a and 4d b of the Act and the rules thereunder.

Futures contracts on certain foreign sovereign debt. The term security-based swap as used in section 3 a 68 of the Securities Exchange Act of 15 U. Futures customer. Futures customer funds. This term means all money, securities, and property received by a futures commission merchant or by a derivatives clearing organization from, for, or on behalf of, futures customers:.

Guarantee agreement. Hedging or mitigating commercial risk. A The potential change in the value of assets that a person owns, produces, manufactures, processes, or merchandises or reasonably anticipates owning, producing, manufacturing, processing, or merchandising in the ordinary course of business of the enterprise;. B The potential change in the value of liabilities that a person has incurred or reasonably anticipates incurring in the ordinary course of business of the enterprise; or.

C The potential change in the value of services that a person provides, purchases, or reasonably anticipates providing or purchasing in the ordinary course of business of the enterprise;. D The potential change in the value of assets, services, inputs, products, or commodities that a person owns, produces, manufactures, processes, merchandises, leases, or sells, or reasonably anticipates owning, producing, manufacturing, processing, merchandising, leasing, or selling in the ordinary course of business of the enterprise;.

E Any potential change in value related to any of the foregoing arising from interest, currency, or foreign exchange rate movements associated with such assets, liabilities, services, inputs, products, or commodities; or. F Any fluctuation in interest, currency, or foreign exchange rate exposures arising from a person 's current or anticipated assets or liabilities; or. Initial margin. This term means money, securities, or property posted by a party to a futures, option, or swap as performance bond to cover potential future exposures arising from changes in the market value of the position.

Institutional customer. Leverage contract. Leverage customer funds. This term means all money, securities and property received, directly or indirectly by a leverage transaction merchant from, for, or on behalf of leverage customers to margin, guarantee or secure leverage contracts and all money, securities and property accruing to such customers as the result of such contracts, or the customers ' leverage equity.

In the case of a long leverage transaction, profit or loss accruing to a leverage customer is the difference between the leverage transaction merchant 's current bid price for the leverage contract and the ask price of the leverage contract when entered into. In the case of a short leverage transaction, profit or loss accruing to a leverage customer is the difference between the bid price of the leverage contract when entered into and the leverage transaction merchant 's current ask price for the leverage contract.

Leverage transaction merchant. This term means and includes any individual, association, partnership, corporation, trust or other person that is engaged in the business of offering to enter into, entering into or confirming the execution of leverage contracts, or soliciting or accepting orders for leverage contracts, and who accepts leverage customer funds or extends credit in lieu thereof in connection therewith. The term major swap participant means any person:. A That maintains a substantial position in swaps for any of the major swap categories, excluding both positions held for hedging or mitigating commercial risk , and positions maintained by any employee benefit plan or any contract held by such a plan as defined in paragraphs 3 and 32 of section 3 of the Employee Retirement Income Security Act of , 29 U.

B Whose outstanding swaps create substantial counterparty exposure that could have serious adverse effects on the financial stability of the United States banking system or financial markets; or. C That is a financial entity that:. A person that is a major swap participant shall be deemed to be a major swap participant with respect to each swap it enters into, regardless of the category of the swap or the person 's activities in connection with the swap.

However, if a person makes an application to limit its designation as a major swap participant to specified categories of swaps, the Commission shall determine whether the person 's designation as a major swap participant shall be so limited. If the Commission grants such limited designation, such limited designation major swap participant shall be deemed to be a major swap participant with respect to each swap it enters into in the swap category or categories for which it is so designated, regardless of the person 's activities in connection with such category or categories of swaps.

A person may make such application to limit its designation at the same time as, or after, the person 's initial registration as a major swap participant. A person that is not registered as a major swap participant , but that meets the criteria in this rule to be a major swap participant as a result of its swap activities in a fiscal quarter, will not be deemed to be a major swap participant until the earlier of the date on which it submits a complete application for registration as a major swap participant pursuant to section 4s a 2 of the Act, 7 U.

Notwithstanding paragraph 3 of this definition, if a person that is not registered as a major swap participant meets the criteria in this rule to be a major swap participant in a fiscal quarter, but does not exceed any applicable threshold by more than twenty percent in that quarter:. A person that is deemed to be a major swap participant shall continue to be deemed a major swap participant until such time that its swap activities do not exceed any of the daily average thresholds set forth within this rule for four consecutive fiscal quarters after the date on which the person becomes registered as a major swap participant.

A Maximum potential uncollateralized exposure. B Maximum notional amount of swap positions. B Calculation of positions. C For purposes of the calculations set forth in this paragraph 6 iii of the major swap participant definition:. A person who is registered as a derivatives clearing organization with the Commission pursuant to section 5b of the Act and regulations thereunder, shall not be deemed to be a major swap participant , regardless of whether the criteria in this definition otherwise would cause the person to be a major swap participant.

Margin call. This term means a request from a futures commission merchant to a customer to post customer initial margin ; or a request by a derivatives clearing organization to a clearing member to post clearing initial margin or variation margin. A There are nine or fewer non-affiliated issuers of securities that are reference entities included in the index, provided that an issuer of securities shall not be deemed a reference entity included in the index for purposes of this definition unless:.

B The effective notional amount allocated to any reference entity included in the index comprises more than 30 percent of the index's weighting;. C The effective notional amount allocated to any five non-affiliated reference entities included in the index comprises more than 60 percent of the index's weighting; or. D Except as provided in paragraph 2 of this definition, for each reference entity included in the index, none of the criteria in paragraphs 1 i D 1 through 8 of this definition is satisfied:.

A The index is not composed solely of reference entities that are issuers of exempted securities as defined in section 3 a 12 of the Securities Exchange Act of 15 U. B Without taking into account any portion of the index composed of reference entities that are issuers of exempted securities as defined in section 3 a 12 of the Securities Exchange Act of 15 U. B An issuer of securities that is an issuing entity of an asset-backed security as defined in section 3 a 77 of the Securities Exchange Act of 15 U.

C An issuer of securities that is a borrower with respect to any loan identified in an index of borrowers or loans. A The index is composed of nine or fewer securities or securities that are issued by nine or fewer non-affiliated issuers, provided that a security shall not be deemed a component of the index for purposes of this section unless:.

B The effective notional amount allocated to the securities of any issuer included in the index comprises more than 30 percent of the index's weighting;. C The effective notional amount allocated to the securities of any five non-affiliated issuers included in the index comprises more than 60 percent of the index's weighting; or. D Except as provided in paragraph 2 of this definition, for each security included in the index, none of the criteria in paragraphs 1 i D 1 through 8 is satisfied if:.

A The index is not composed solely of exempted securities as defined in section 3 a 12 of the Securities Exchange Act of 15 U. B Without taking into account any portion of the index composed of exempted securities as defined in section 3 a 12 of the Securities Exchange Act of 15 U. A An issuer of securities; and. Except as otherwise provided in the definitions in this section for meaning of issuers of securities in a narrow-based security index as used in the definition of security-based swap as applied to index credit default swaps and meaning of narrow-based security index as used in the definition of security-based swap as applied to index credit default swaps, for purposes of section 1a 42 of the Commodity Exchange Act , the term narrow-based security index has the meaning set forth in section 1a 35 of the Commodity Exchange Act , and the rules, regulations and orders of the Commission thereunder.

Notwithstanding paragraph 1 of this definition, solely for purposes of swaps traded on or subject to the rules of a designated contract market, swap execution facility , or foreign board of trade , a security index underlying such swaps shall not be considered a narrow-based security index if:. A A swap on the index is traded on or subject to the rules of a designated contract market, swap execution facility , or foreign board of trade for at least 30 days as a swap on an index that was not a narrow-based security index ; or.

B Such index was not a narrow-based security index during every trading day of the six full calendar months preceding a date no earlier than 30 days prior to the commencement of trading of a swap on such index on a market described in paragraph 2 i A of this definition; and. Notwithstanding paragraph 1 of this definition, solely for purposes of security-based swaps traded on a national securities exchange or security-based swap execution facility , a security index underlying such security-based swaps shall be considered a narrow-based security index if:.

A A security-based swap on the index is traded on a national securities exchange or security-based swap execution facility for at least 30 days as a security-based swap on a narrow-based security index ; or. B Such index was a narrow-based security index during every trading day of the six full calendar months preceding a date no earlier than 30 days prior to the commencement of trading of a security-based swap on such index on a market described in paragraph 3 i A of this definition; and.

This term means an instruction or authorization provided by a customer to a futures commission merchant , introducing broker or commodity trading advisor regarding trading in a commodity interest on behalf of the customer. Organized exchange. This term includes individuals, associations, partnerships, corporations, and trusts. This term means the amount agreed upon between the purchaser and seller, or their agents, for the purchase or sale of a commodity option.

Proprietary account. This term means a commodity futures, commodity option, or swap trading account carried on the books and records of an individual, a partnership, corporation or other type of association:. A The management of the partnership business or any part thereof,.

B The handling of the trades of customers or customer funds of such partnership,. C The keeping of records pertaining to the trades of customers or customer funds of such partnership, or. D The signing or co-signing of checks or drafts on behalf of such partnership;. A The management of the business of such individual, partnership, corporation or association or any part thereof,.

B The handling of the trades of customers or customer funds of such individual, partnership, corporation or association,. C The keeping of records pertaining to the trades of customers or customer funds of such individual, partnership, corporation or association, or.

D The signing or co-signing of checks or drafts on behalf of such individual, partnership, corporation or association;. Provided, however, That an account owned by any shareholder or member of a cooperative association of producers, within the meaning of section 6a of the Act, which association is registered as a futures commission merchant and carries such account on its records, shall be deemed to be an account of a customer and not a proprietary account of such association, unless the shareholder or member is an officer, director or manager of the association.

Prudential regulator. The term also includes the Federal Deposit Insurance Corporation , with respect to any financial company as defined in section of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any insured depository institution under the Federal Deposit Insurance Act , and with respect to each affiliate of any such company or institution.

This term means: a commodity pool operator ; commodity trading advisor ; futures commission merchant ; introducing broker ; leverage transaction merchant ; floor broker ; floor trader ; major swap participant ; retail foreign exchange dealer; or swap dealer that is subject to these regulations; or an associated person of any of the foregoing other than an associated person of a swap dealer or major swap participant. Retail forex customer.

This term means a person , other than an eligible contract participant as defined in section 1a 18 of the Act, acting on its own behalf and trading in any account, agreement, contract or transaction described in section 2 c 2 B or 2 c 2 C of the Act.

Secretary of Agriculture. This term means the Secretary of Agriculture or any person to whom authority has heretofore lawfully been delegated or to whom authority may hereafter lawfully be delegated to act in his stead. Securities account. This term means an account that is maintained in accordance with the requirements of section 15 c 3 of the Securities Exchange Act of and Rule 15c thereunder. Self-regulatory organization.

Spread margin.

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National Futures Association. Stock Brokers. Roth IRA. Practice Management. Your Money. Personal Finance. Your Practice. Popular Courses. What Is an Introducing Broker? Key Takeaways An introducing broker IB advises clients in the futures market but delegates trade execution and back office operations to others. Article Sources. Investopedia requires writers to use primary sources to support their work.

These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.

This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Terms. It identifies and mandates industry-best practices. What Is an Associated Person? Broker agreements in the United States are subject to both Federal laws and specific state laws, which cover general contract principles like formation and mutual understanding.

Further, state-specific and industry-specific laws govern licensing and qualification of Brokers in particular specialized industries. For example, in the real estate industry, the overwhelming majority of states dictate that a licensed realtor may not pay a non-licensed realtor a finder's fee. In the insurance industry, some states do not allow finder's fees. It is important, in these specialized fields, to understand the requirements and laws around finder's fees.

Consider consulting with an expert if you are in one of these specialized industries. At the end, you receive it in Word and PDF formats. You can modify it and reuse it. Back to top. Home Documents. Commercial Activity. Broker Agreement.

Formats Word and PDF. Size 3 to 5 pages. Rating 4. How does it work? Choose this template Start by clicking on "Fill out the template". Complete the document Answer a few questions and your document is created automatically.

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