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Proposed Rule

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Proposed Amendments to NFA Bylaw 1301 and NFA Registration Rule 203 (additions are underscored and deletions are stricken):

BYLAWS OF NATIONAL FUTURES ASSOCIATION

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BYLAW 1301. SCHEDULE OF DUES AND ASSESSMENTS.

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Subject to the provisions of Article XII, dues and assessments of Members shall be as follows:

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(b) FCM Members.

    (i) Each FCM Member shall pay to NFA an assessment equal to:

      (A) $.18 $.14 for each commodity futures contract traded on a contract market (other than an option contract) on a round-turn basis;

      (B) $.09 $.07 for each option contract traded on a contract market on a per trade basis, carried by it for a customer other than: (1) a person having privileges of membership on a contract market where such contract is entered; or (2) a business affiliate of such FCM that directly or indirectly owns 100 percent of or is owned 100 percent by or has 100 percent ownership in common with such FCM provided such FCM has privileges of membership on the contract market where such contract is entered; or (3) an omnibus account carried for another FCM Member for which assess-ments are payable to NFA by the other FCM;

      (C) $.18 $.14 for each commodity futures contract traded on a foreign board of trade (other than an option contract) on a round-turn basis;

      (D) $.09 $.07 for each option contract traded on a foreign board of trade on a per trade basis, carried by it for a customer other than on an omnibus account basis for another FCM Member for which assessments are payable to NFA by the other FCM; and

      (E) $.09 $.07 for each dealer option contract on a per trade basis carried by it for a customer other than a business affiliate of such FCM that directly or indirectly owns 100 percent of or is owned 100 percent by or has 100 percent ownership in common with such FCM Member:

      Provided, however, such assessments shall be suspended or adjusted by the Board for a period not to exceed three months when in the judgment of the Board such action is appropriate in light of NFA's overall financial goals. The FCM Member shall invoice these assessments to its customer and shall remit the amount due to NFA; and

    (ii) Each FCM for which NFA serves as the DSRO, as defined in NFA Financial Requirements Section 2, shall pay to NFA annual dues of $5,000 $7,500 and each FCM for which NFA does not serve as the DSRO as defined in NFA Financial Requirements Section 2, shall pay to NFA annual dues of $1,000 $2,000.

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(d) Other Members.

Annual dues for the other membership categories shall be as follows:

(i) Commodity Trading Advisor-$500 $1,000
(ii) Commodity Pool Operator-$500 $1,000
(iii) Introducing Broker-$500 $1,000

Subject to category voting as prescribed by Article XI, Section 1(a), the Board may in its discretion waive or establish lower annual dues for particular Members.

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REGISTRATION RULES

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RULE 203. REGISTRATION FEES.

a) Amount.

    (1) Associated Person. Except for Forms 8-R submitted in accordance with Rule 209(d) or in connection with the registration of an ATM AP, each Form 8-R submitted in connection with the registration of an AP must be accompa-nied by a fee of $70 $85. Each Form 8-R submitted in connection with the registration of an AP in accordance with Rule 209(d) or in connection with the registration of an ATM AP must be accompanied by a fee of $50 $65.

    (2) Futures Commission Merchant. Each application for registration as an FCM, except a Notice Form 7-R filed pursuant to Rule 204(1)(a)(4), must be accompanied by a fee of $250 $500.

    (3) Introducing Broker. Each application for registration as an IB, except a Notice Form 7-R filed pursuant to Rule 204(1)(a)(4), must be accompanied by a fee of $100 $200.

    (4) Commodity Pool Operator and Commodity Trading Advisor. Each applica-tion for registration as a CPO or CTA must be accompanied by a fee of $100 $200.

    (5) Leverage Transaction Merchant. Each application for registration as an LTM must be accompanied by a fee of $250 $500.

    (6) Floor Broker. Each application for registration as a floor broker must be accompanied by a fee of $70 $85.

    (7) Floor Trader. Each application for registration as a floor broker must be accompanied by a fee of $70 $85.

    (8) Principal. Each Form 8-R submitted by a principal of an applicant or regis-trant must be accompanied by a fee of $70 $85, except that each Form 8-R submitted by a principal of an ATM must be accompanied by a fee of $50 $65, unless the principal is also applying for registration as an AP of the applicant or registrant.

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