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Notice I-07-27

June 21, 2007

Amendments to NFA Code of Arbitration and Member Arbitration Rules

Introduction

On June 5, 2007, the Commodity Futures Trading Commission approved changes to NFA's Code of Arbitration and Member Arbitration Rules (collectively referred to as the arbitration rules). These amendments became effective on June 5, 2007, and apply to all pending arbitration claims. The amendments make two minor changes to the rules and are detailed below.

Attestation
The rules previously required that a pleading include an attestation that the undersigned certifies that the statements set forth in the pleadings are true and correct. While attorneys are permitted to sign responsive pleadings on behalf of their clients, some attorneys indicated to NFA that they were uncomfortable signing this attestation since they were doing so based on information provided to them by their clients. As a result, NFA has amended the language of the attestation to state that to the best of the signer's knowledge, information and belief, formed after a reasonable inquiry, the statements set forth in the pleadings are true and correct.

Technical Amendment to Definition of Member under the Member Arbitration Rules
Contract markets who are members of NFA are not subject to mandatory jurisdiction under the Member Arbitration Rules. In order to clarify this, NFA has amended the definition of Member to specifically state that it does not include a contract market member. This amendment is consistent with the Code of Arbitration and provides that under the Member Arbitration Rules a claim against a member is mandatory if brought against an FCM, IB, CPO, CTA or LTM only.

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If you have any questions regarding this Notice or the changes to the arbitration rules, please contact NFA's Arbitration Department at (800) 621.3570. The current version of NFA's Code of Arbitration is available on NFA's Web site at http://www.nfa.futures.org/nfaManual/manualCodeArb.asp and Member Arbitration Rules at http://www.nfa.futures.org/nfaManual/manualMemberArb.asp.

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