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April 21, 2003

Ms. Jean A. Webb
Secretariat
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, DC 20581

Re: National Futures Association: Proposed Amendments to Interpretive Notice to NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401: Proficiency Requirements for Security Futures Products*

Dear Ms. Webb:

Pursuant to Section 17(j) of the Commodity Exchange Act, as amended, National Futures Association ("NFA") hereby submits to the Commodity Futures Trading Commission ("CFTC" or "Commission") proposed amendments to the Interpretive Notice to NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401: Proficiency Requirements for Security Futures Products. The Interpretive Notice was approved by NFA's Board of Directors ("Board") at its November 15, 2001 meeting. At that meeting the Board authorized NFA's Executive Committee ("Committee") to make additional changes that may be requested by the CFTC or the Securities and Exchange Commission ("SEC"). The proposed amendments, as reflected in this submission, were approved by the Executive Committee on April 17, 2003.

NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act and will make the amendments effective ten days after receipt of this submission by the Commission unless the Commission notifies NFA that it has determined to review the amendments for approval.

Proposed amendments to the Interpretive Notice

Explanation of Proposed Amendments

As mentioned earlier, NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act and will make the amendments effective ten days after receipt of this submission by the Commission unless the Commission notifies NFA that it has determined to review the amendments for approval.

Sincerely,

Thomas W. Sexton
Vice President and General Counsel

cc: Chairman James E. Newsome
Commissioner Barbara Pedersen Holum
Commissioner Sharon Brown-Hruska
Commissioner Walt Lukken
Jane Kang Thorpe, Esq.
Gregory Mocek, Esq.
Patrick J. McCarty, Esq.
David Van Wagner, Esq.
Riva Spear Adriance, Esq.


* The proposed amendments to Interpretive Notice to NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401: Proficiency Requirements for Security Futures Products became effective on May 5, 2003.

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