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Proposed Amendments
(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 denial or revocation notice, inform the person of the right of such person under the Act to petition the Commission, within 30 days after the denial or revocation, for review of the action under Section 17(h) of the Act and of the right to petition the Commission for a stay of the effective date of such denial or revocation in accordance with Commission Regulations, Part 171.

(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The membership or Associate membership of any person may be terminated or withdrawn as set forth below.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 pursuant to paragraphs (i) through (viii) shall not relieve the Member or Associate of any responsibility under the NFA Code of Arbitration or, Member Arbitration Rules, 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 for activities prior to termination, or of the obligation to pay any dues, assessments, fines, penalties or other charges theretofore accrued and unpaid.

(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 may be summarily terminated by order of the President on seven days' written notice shall be withdrawn without further prior notice.

(iii) Termination of Employment as Associate.

Each Member shall promptly inform file a Form 8-T, completed and filed in accordance with all pertinent instructions, notifying the Secretary of the termination of employment of any registered or pending Associate with the Member. Unless otherwise provided by these Bylaws or NFA Registration Rules, Members and applicants for membership must file their Form 8-Ts electronically by accessing NFA's registration and membership database in the manner provided by NFA. If such person is no longer listed as an Associate of any Member following such termination, the individual's registration with NFA as an Associate shall also terminate unless the Secretary is notified in writing by another Member, within 60 days thereafter, that such person has become associated with it.

(iv) Withdrawal from Membership or Application for Membership Resignation.

A Member, unless under investigation or disciplinary charges by NFA, may request to withdraw its application for membership at any time before approval or resign request to withdraw from membership at any time by filing a Form 7-W, completed and filed in accordance with all pertinent instructions. written notice with the Secretary. Unless otherwise provided by these Bylaws or NFA Registration Rules, Members and applicants for membership must file their Form 7-Ws electronically by accessing NFA's registration and membership database in the manner provided by NFA. A request to withdraw an application for membership will become effective on the 30th day after the Member files the request, or earlier upon notice from NFA of the granting of such request. A request to withdraw from membership, including a deemed request to withdraw from membership, will become effective on the 30th day after the Member files or is deemed to have made the request, or earlier upon notice from NFA of the granting of such request, unless prior to the effective date NFA notifies the Member in writing that the request is denied because:

(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 Withdrawal of Membership.

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.

(j) 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.

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