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EXPLANATION OF PROPOSED AMENDMENTS

The Code of Arbitration gives NFA arbitration jurisdiction over transactions between Forex Dealer Members and retail customers. It does not, however, reach forex transactions with other counterparties.

In February 2005, the Board adopted NFA Compliance Rule 2-39, and it became effective on September 14, 2005. That rule extended certain of the forex compliance requirements to otherwise unregulated Members and their Associates who solicit for or manage forex accounts with a counterparty that is not a Forex Dealer Member, but it did not extend NFA's arbitration jurisdiction.

The Board believes that NFA should provide an arbitration forum to customers for all forex transactions subject to NFA's compliance jurisdiction. Therefore, the amendments to Section 1(m) of the Code of Arbitration extends NFA's arbitration jurisdiction to include forex claims against Members and Associates covered by Compliance Rule 2-39.

NFA respectfully requests that the Commission review and approve the proposed amendments to Section 1(m) of NFA's Code of Arbitration.

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