Proposed Rule

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EXPLANATION OF PROPOSED AMENDMENTS

On November 17, 2005, the Board approved amendments to NFA Bylaw 1301 increasing the annual dues for Forex Dealer Members. On January 24, 2006, the Commission notified NFA that it had approved these amendments, and NFA intends to make them effective for membership renewal dates after April 30, 2006.

At the time the changes to NFA Bylaw 1301 were approved, NFA staff inadvertently failed to provide for corresponding technical changes to the Interpretive Notice entitled "Forex Transactions with Forex Dealer Members," which includes a description of the manner in which the annual dues are calculated. The Board has amended the Interpretive Notice to reflect the increased dues.

As mentioned earlier, NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act. NFA intends to make the amendments to the Interpretive Notice regarding forex transactions with Forex Dealer Members effective ten days after receipt of this submission by the Commission, unless the Commission notifies NFA that the Commission has determined to review the proposal for approval.