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NFA's principal office shall be in Chicago, Illinois.

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.

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(i) Seven (7) representatives of FCMs, including (A) at least three (3) representatives of FCMs ranked in the top ten FCMs and (B) at least three (3) representatives of FCMs and LTMs not ranked in the top ten FCMs based on the total of futures customer segregated funds and foreign futures or foreign options secured amounts, as those terms are defined in the applicable Commission regulations, held as of June 30 of the prior calendar year.

(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.

(ii) At least three (3) representatives of SDs or RFEDs that are not included in paragraph (d)(i) above, as of June 30 of the prior calendar year.

(iii) One representative of MSPs: (a) Effective as of the 2013 annual meeting of the Board, eleven (11) individuals who are Public Representatives (see Article XVIII); and (b) Effective as of the 2016 annual meeting of the Board, individuals who are Public Representatives (see Article XVIII) shall constitute thirty-five percent (35%) of the Board's voting representatives.

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