Proposed Rule

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Amendments to NFA Bylaw 1301

(additions are underscored; deletions are bracketed)

BYLAWS
OF
NATIONAL FUTURES ASSOCIATION

* * *

CHAPTER 13
DUES AND ASSESSMENTS

BYLAW 1301. SCHEDULE OF DUES AND ASSESSMENTS.

Subject to the provisions of Article XII, dues and assessments of Members shall be as follows:

a) Contract Markets.

Each contract market Member shall pay to NFA an assessment calculated on the basis of $.01 for each roundturn transaction in a commodity futures contract (purchase and sale or sale and purchase) executed on the contract market, except that in any NFA fiscal year, the total of such assessments paid by a contract market Member with two Directors on the Board shall not be more than $150,000 and the total of such assessments paid by a contract market Member[s] with one Director on the Board shall not be more than $100,000.

(b) FCM Members.

(i) Each FCM Member shall pay to NFA an assessment equal to:

(A) [$.14] $.20 for each commodity futures contract traded on a contract market (other than an option contract) on a roundturn basis;

(B) [$.07] $.10 for each option contract traded on a contract market on a per trade basis,

carried by it for a customer other than: (1) a person having privileges of membership on a contract market where such contract is entered; or (2) a business affiliate of such FCM that directly or indirectly owns 100 percent of or is owned 100 percent by or has 100 percent ownership in common with such FCM provided such FCM has privileges of membership on the contract market where such contract is entered; or (3) an omnibus account carried for another FCM Member for which assessments are payable to NFA by the other FCM;

(C) [$.14] $.20 for each commodity futures contract traded on a foreign board of trade (other than an option contract) on a roundturn basis;

(D) [$.07] $.10 for each option contract traded on a foreign board of trade on a per trade basis,

carried by it for a customer other than on an omnibus account basis for another FCM Member for which assessments are payable to NFA by the other FCM; and

(E) [$.07] $.10 for each dealer option contract on a per trade basis carried by it for a customer other than a business affiliate of such FCM that directly or indirectly owns 100 percent of or is owned 100 percent by or has 100 percent ownership in common with such FCM Member:

Provided, however, such assessments shall be suspended or adjusted by the Board for a period not to exceed three months when in the judgment of the Board such action is appropriate in light of NFA's overall financial goals. The FCM Member shall invoice these assessments to its customer and shall remit the amount due to NFA; and

(ii) Each FCM for which NFA serves as the DSRO, as defined in NFA Financial Requirements Section 2, shall pay to NFA annual dues of $5,000 and each FCM for which NFA does not serve as the DSRO as defined in NFA Financial Requirements Section 2, shall pay to NFA annual dues of $1,000.

(c) LTM Members.

(i) Each LTM Member shall pay to NFA an assessment equal to [$.07] $.10 for each leverage contract purchased from or sold to the LTM by a customer; Provided, however, such assessments shall be suspended or adjusted by the Board for a period not to exceed three months when in the judgment of the Board such action is appropriate in light of NFA's overall financial goals. The LTM Member shall invoice these assessments to its customers and shall remit the amount due to NFA and

(ii) Each LTM Member shall pay to NFA annual dues of $1,000.

(d) Other Members.

Annual dues for the other membership categories shall be as follows:

(i) Commodity Trading Advisor $500
(ii) Commodity Pool Operator $500
(iii) Introducing Broker $500

Subject to category voting as prescribed by Article XI, Section 1(a), the Board may in its discretion waive or establish lower annual dues for particular Members.

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