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Proposed Rule

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EXPLANATION OF PROPOSED AMENDMENTS

NFA Compliance Rule 3-3, NFA Registration Rule 502, and two interpretive notices relating to NFA Registration Rule 402 include NFA's address in the text. As of December 17, 2007, NFA will have a new address. The amendments to these requirements replace the current address with NFA's new one.

As mentioned earlier, NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act. NFA intends to make the proposed amendments to Compliance Rule 3-3, Registration Rule 502 and the Interpretive Notices to Registration Rule 402 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.

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