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Proposed Amendments to Article III of NFA's Articles of Incorporation
(Additions are underscored and deletions are stricken)

ARTICLES OF INCORPORATION
OF
NATIONAL FUTURES ASSOCIATION
* * *

ARTICLE III: PURPOSES

* * *

Section 1: Fundamental Purposes.

Subject to the limitations in Section 2 of this Article, the fundamental purposes of NFA are to promote the improvement of business conditions and the common business interests of persons engaged in commodity futures or related activity by (i) undertaking the regulation of persons that are members of NFA (hereinafter "Members") as set forth in this Article; (ii) relieving the Commodity Futures Trading Commission (hereinafter "Commission") from the substantial burden of direct regulation in such matters; and (iii) facilitating the allocation of increased Commission resources to contract market desig-nations, approval of contract market rules, registration of industry professionals and other duties of the Commission affecting the growth of the commodity futures industry and the public's ability to avail itself of the industry's expanding services. providing such regulatory services to such markets as the Board may from time to time approve. . . .

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