CFTC Rule Submissions

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May 22, 2007

Via Federal Express

Ms. Eileen A. Donovan
Office of the Secretariat
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, DC 20581

Re: National Futures Association: Recovering the Cost of Regulating Forex Dealer Members -- Proposed Amendments to NFA Bylaws 1301, 1302 and 1303 and the Interpretive Notice Regarding Forex Transactions*

Dear Ms. Donovan:

Pursuant to Section 17(j) of the Commodity Exchange Act, as amended, National Futures Association ("NFA") hereby submits to the Commodity Futures Trading Commission ("CFTC" or "Commission") proposed amendments to NFA Bylaws 1301, 1302, and 1303 and the Interpretive Notice regarding Forex Transactions. This proposal was approved by NFA's Board of Directors ("Board") on May 17, 2007. NFA respectfully requests Commission review and approval of the proposed amendments.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

NFA respectfully requests that the Commission review and approve the proposed amendments to Bylaws 1301, 1302 and 1303 and the Interpretive Notice regarding Forex Transactions.

Respectfully submitted,

Thomas W. Sexton
Vice President and General Counsel


* The proposed amendments to NFA Bylaws 1301, 1302 and 1303 and the Interpretive Notice Regarding Forex Transactions become effective on October 1, 2007.

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