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Nolo will maker updating to 2016

nolo will maker updating to 2016-50

(vi) The terms or conditions of any futures contract.

nolo will maker updating to 2016-65nolo will maker updating to 2016-1nolo will maker updating to 2016-2

NFA shall maintain a regional office in New York, New York and at such other locations as the Board of Directors (hereinafter "Board") may designate. Subject to the limitations in Section 2 of this Article, the fundamental purposes of NFA are to promote the improvement of business conditions and the common business interests of persons engaged in commodity futures and swaps or related activity by (i) undertaking the regulation of persons that are members of NFA (hereinafter "Members") as set forth in this Article; (ii) relieving the Commission from the substantial burden of direct regulation in such matters; and (iii) providing such regulatory services to such markets as the Board may from time to time approve.(ii) One representative of IBs required to maintain minimum adjusted net capital.(iii) One representative of IBs not required to maintain minimum adjusted net capital.(iv) The content, interpretation, administration or enforcement of any rule, standard, requirement or procedure of a Contract Market or Clearing Organization.(v) The conduct of business or other activities on the trading floor of a Contract Market.From and after the regular annual meeting of the Board held in February 2016, the Board of Directors shall be comprised as follows: (i) In the event that there are three (3) or less Contract Market Members having annual transaction volume during the prior calendar year of more than 1,000,000, then one (1) representative of each such Contract Market Member.

(ii) In the event that there are more than three (3) Contract Market Members with annual transaction volume during the prior calendar year of more than 1,000,000: (a) One (1) representative of each Contract Market Member ranked in the top two (2) Contract Market Members based on annual transaction volume during the prior calendar year; and (b) One (1) elected representative of Contract Market Members with annual transaction volume during the prior calendar year of more than 1,000,000 that are not included in Section 2A(a)(ii)(a) above.

Section 2A: Composition of Board from and after the Annual Meeting of the Board of Directors Held in February 2016.

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 2016.

Five (5) elected representatives of registered Commodity Pool Operators and registered Commodity Trading Advisors that are NFA Members, including at least three (3) representatives of CPOs or CTAs that rank within the top 20 percent, one (1) of which must rank within the top 5 percent of CPOs or CTAs reporting any funds under management allocated to futures and swaps (as defined in Article XVIII) on NFA Form PQR and NFA Form PR as of June 30 of the prior calendar year.

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: (i) At least three (3) representatives of SDs that are Large Financial Institutions, as of June 30 of the prior calendar year.

NFA shall be a membership corporation and shall have no capital stock and shall have no authority to issue any stock.