CFTC Rule Submissions

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 Bylaws 301 and 1303*

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 Bylaws 301 and 1303. The amendments were unanimously approved by NFA's Board of Directors ("Board") on February 20, 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 NFA Bylaws 301 and 1303

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.