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Proposed Rule

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EXPLANATION OF PROPOSED AMENDMENTS

On May 23, 2006, NFA submitted a petition for rulemaking that would require non-broker-dealer IBs to file their Form 1-FR-IB certified financial statements electronically and waive the manual signature requirement for those statements. In anticipation of the amendments to CFTC regulations, NFA is amending its IB Financial Requirements to conform to the proposed changes.

As mentioned earlier, NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act. Unless the Commission notifies NFA that the Commission has determined to review the proposal for approval, NFA intends to make the amendments to Section 5 of NFA's Financial Requirements effective on the later of ten days after receipt of this submission by the Commission or when the anticipated amendments to CFTC regulations become effective.

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