Rule Submissions to the CFTC

May 24, 2001

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

Re: National Futures Association: Proposed Adoption of NFA Compliance Rule 2-36 and Proposed Amendments to NFA Registration Rule 204*

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") the proposed adoption of NFA Compliance Rule 2-36 and proposed amendments to NFA Registration Rule 204. The proposals contained herein were approved by NFA's Board of Directors ("Board") on May 17, 2001. NFA respectfully requests Commission review and approval of the proposals.

Proposed NFA Compliance Rule 2-36

Proposed Amendments to NFA Registration Rule 204

Explanation of Proposed Amendments

NFA respectfully requests that the Commission review and approve the adoption of proposed NFA Compliance Rule 2-36 and the proposed amendments to NFA Registration Rule 204. NFA also requests that the proposals be declared effective upon Commission approval.

Respectfully submitted,

Daniel J. Roth
Senior Executive Vice President and General Counsel

cc: Acting Chairman James E. Newsome
Commissioner Barbara Pedersen Holum
Commissioner David D. Spears
Commissioner Thomas J. Erickson
Phyllis J. Cela, Esq.
John C. Lawton, Esq.
Alan L. Seifert, Esq.
David Van Wagner, Esq.
Riva Spear Adriance, Esq.