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January 02, 2004

Via Federal Express

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

Re: National Futures Association: Resubmission of Proposed Adoption of NFA Compliance Rule 2-34 and its Interpretive Notice Concerning Performance Reporting and Disclosures, Resubmission of Proposed Amendments to Compliance Rule 2-29(b)(5) and Proposed Amendments to Compliance Rule 1-1.*

Dear Ms. Webb:

NFA hereby withdraws its March 15, 1994 original submission and its March 15, 1995 resubmission of the proposed adoption of NFA Compliance Rule 2-34 and its March 15, 1995 submission of the proposed adoption of an interpretive notice to Compliance Rule 2-34 concerning Notional Funding. NFA also hereby withdraws its February 26, 1998 submission of proposed amendments to NFA Compliance Rule 2-29(b)(5). Pursuant to Section 17(j) of the Commodity Exchange Act, as amended, National Futures Association ("NFA") hereby resubmits to the Commodity Futures Trading Commission ("CFTC" or "Commission") the proposed adoption of NFA Compliance Rule 2-34 and its Interpretive Notice regarding Performance Reporting and Disclosures and proposed amendments to Compliance Rule 2-29(b)(5). NFA also submits proposed amendments to Compliance Rule 1-1. The proposals contained herein were approved by NFA's Board of Directors ("Board") on November 20, 2003.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act ("CEA") and will make these proposals effective on May 1, 2004 unless the Commission notifies NFA that the Commission has determined to review the proposals for approval. NFA intends to notify its Members of these new requirements once the ten-day review period has passed in order to give them sufficient time to comply with the requirements.

Respectfully submitted,

Thomas W. Sexton
Vice President and General Counsel

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


* The proposed adoption of NFA Compliance Rule 2-34 and its Interpretive Notice Concerning Performance Reporting and Disclosures, proposed amendments to Compliance Rule 2-29(b)(5) and proposed amendments to Compliance Rule 1-1 became effective on May 1, 2004.

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