Proposed Rule

BYLAW 306. FOREX DEALER MEMBERS.

Any Member of NFA that is the counterparty or offers to be the counterparty to foreign currency futures and options transactions will also be subject to regulation as a Forex Dealer Member of NFA if thirty-five percent or more of its gross revenue from financial market transactions (acting as counterparty or agent) is generated from foreign currency futures and options activities that are offered to or entered into with persons that are not eligible contract participants as defined in Section 1a(11) of the Act and are not executed on a contract market, a derivatives transaction execution facility, a national securities exchange registered pursuant to Section 6(a) of the Securities Exchange Act of 1934, or a foreign board of trade.