CFTC Rule Submissions

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: Proposed Amendments to NFA Registration Rules 504 and 509*

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 NFA Registration Rules 504 and 509. These proposals were approved by NFA's Board of Directors ("Board") on February 19, 2004. NFA respectfully requests Commission review and approval of the proposed amendments.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

NFA respectfully requests that the Commission review and approve the proposed amendments to NFA Registration Rules 504 and 509. If you have any questions or if we can provide any additional information, please communicate with Michael J. Crowley, Associate General Counsel. His email is mcrowley@nfa.futures.org and his telephone number is (312) 781-1388.

Respectfully submitted,

Thomas W. Sexton
Vice President and General Counsel

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