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(additions are underscored and deletions are stricken)
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BYLAWS OF NATIONAL FUTURES ASSOCIATION
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BYLAW 301. REQUIREMENTS AND RESTRICTIONS
(g) Denial and Revocation.
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(ii) If a hearing before the Membership Committee is held, the Committee or Subcommittee shall make a final, written determination upon the record before it, setting forth the specific grounds for its determination. Such determination shall include the specific grounds for the denial, bar, expulsion or restriction; the findings made concerning those grounds; and an explanation of the result reached in light of the grounds of ineligibility found and the findings made. A copy of the determination shall promptly be sent to the person. If the determination is to deny or revoke membership or registration as an Associate, the Membership Committee or its designated Subcommittee shall, in such written determination
(h) Suspension and Termination of Membership and Associate Membership.
The membership or Associate membership of any person may be terminated or withdrawn as set forth below. Termination or withdrawal of a person's membership or associate membership
(i) Termination of Temporary License.
The termination of the temporary license of any Member or Associate shall also terminate such person's membership or associate membership unless such person remains otherwise eligible for membership under Bylaw 301(a).
(ii) Withdrawal of Registration.
The membership of any Member that withdraws all registrations under the Act
(iii) Termination of Employment as Associate.
Each Member shall promptly
(iv) Withdrawal from Membership or Application for Membership
(1) NFA has instituted a proceeding under Bylaw 301(g) or Part 3 of the Compliance Rules;
(2) NFA is imposing or intends to impose terms or conditions upon such withdrawal from membership;
(3) The Member is currently the subject of an investigation to determine, among other things, whether the Member has violated, is violating, or is about to violate NFA Bylaws, Compliance Rules, Financial Requirements, Registration Rules, Interpretive Notices or Orders issued by the Executive Committee, Membership Committee, Appeals Committee, Hearing Committee or any designated Subcommittee or Panel of such Committees;
(4) NFA has requested, is requesting or intends to request from the Member further information pertaining to its request for withdrawal from membership; or
(5) NFA has determined that it would be contrary to NFA’s Articles of Incorporation, Bylaws, Compliance Rules, Financial Requirements, Registration Rules, Interpretive Notices or Orders issued by the Executive Committee, Membership Committee, Appeals Committee, Hearing Committee or any designated Subcommittee or Panel of such Committees, or to the public interest to permit such withdrawal from membership.
(v) Failure to Notify of Address Change (See Bylaw 301(i)).
(vi) Default in Payment of Dues or Assessment or Audit Fees (See Bylaw 1303).
(vii) Suspension and Revocation.
The membership of any Member or any person associated with a Member whose registration under the Act is suspended shall be suspended for the term of the registration suspension without further prior notice. The membership of any Member or any person associated with a Member whose registration under the Act is revoked shall terminate without further prior notice.
(viii) Failure to Submit Annual Questionnaire
On an annual basis, NFA shall provide each NFA Member FCM for which NFA is the Designated Self-Regulatory Organization, IB, CPO, CTA, and LTM with a questionnaire concerning its business activities. The Member shall complete the questionnaire and submit the completed questionnaire on the date specified thereon. NFA shall deem the failure to file the completed questionnaire within 30 days following such date a request to withdraw from NFA membership, and shall notify the Member accordingly.
(i) Name and Address.
Each Member shall at all times register and maintain with the Secretary its correct name and principal address, and the correct name and address of each registered Associate employed by the Member. The principal address of each Member and the address of each registered Associate currently on file with NFA shall be deemed by NFA the correct address for delivery to the Member or Associate of any written communication, document or notice from NFA. The failure of a Member to notify NFA of a change in the Member's principal address shall constitute grounds for summary suspension or termination of the NFA membership of such Member by order of the President on seven days' written notice.
NFA may provide any notice required by Bylaw 301 electronically unless written notice is specifically required. Notices provided in writing shall be complete upon mailing.
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BYLAW 1303. DEFAULT AND DEEMED REQUEST TO WITHDRAW MEMBERSHIP.
When any Member shall be in default in the payment of dues for a period of 30 days or assessments or audit fees for a period of three months after such dues, assessments or audit fees became payable, NFA shall deem that Member's non-payment of dues, assessments or audit fees to be a request to withdraw from NFA membership and shall notify that Member accordingly. NFA may provide the notice required by this Bylaw electronically.