Proposed Rule

(a) Testing Requirement.

Subject to the provisions of paragraphs (d) and (e) of Bylaw 301, no FCM, IB, CPO, CTA or LTM Member of NFA shall have as an AP associated with it (See Bylaw 301(b)) any person who has not satisfied the applicable proficiency requirements set forth in Registration Rule 401.

(b) Limitations on Activities.

(i) No person registered with NFA as an Associate of an NFA Member (See Bylaw 301(b)) whose application for registration as an associated person under the Act or for registration with NFA as an Associate incorporated a certification concerning the limited scope of such Associate's activities described in Registration Rule 401 shall exceed the limitations set forth in such Associate's certification who has satisfied the requirements of Registration Rule 401 by the use of an alternative to the National Commodity Futures Examination (Series 3) that requires the person to limit their futures-related activities may exceed such limits.

(ii) No Member of NFA shall have associated with it (See Bylaw 301(b)) any person whose application for registration as an AP under the Act or for registration with NFA as an Associate incorporated any of the certifications concerning the limited scope of such person's activities described in Registration Rule 401 and who exceeds those limitations who has satisfied the requirements of Registration Rule 401 by the use of an alternative to the National Commodity Futures Examination (Series 3) that requires the person to limit their futures-related activities and who exceeds such limits.