The updated print version of the NFA Manual (as March 1, 2008) will include all changes and additions made between March 1, 2007 and February 29, 2008, and will be available for distribution in May 2008. In the meantime, any updates to the NFA Manual since March 1, 2007 will be made available to you in this online version.

Here's what's new as of April 1, 2008. We will continue to call your attention to changes as we make them.

• Amendments to Code of Arbitration - Section 9. Hearing - (i) Summary Proceeding

As of March 28, 2008

• Amendments to Interpretive Notice: NFA Compliance Rule 2-9: FCM and IB Anti-Money Laundering Program

As of January 15, 2008

• Amendments to Interpretive Notice: NFA Compliance Rule 2-9: FCM and IB Anti-Money Laundering Program

As of January 1, 2008

• Amendments to NFA Bylaw 1301. Schedule of Dues and Assessments.

• Amendments to NFA Registration Rule 203. Registration Fees.

• Amendments to NFA Registration Rule 214. Termination of Associated Person Registration and Principal Affiliation.

• Amendments to Interpretive Notice: NFA Bylaws 515, 708 and 802: NFA Requirements Which Constitute Disciplinary Offenses.

• Amendments to Interpretive Notice: NFA Bylaw 1301: NFA Assessment Fee Questions and Answers for FCMs

• Amendments to Interpretive Notice: NFA Bylaw 1301: Forms and Procedures for Assessment Fee Computation

As of December 21, 2007

• Amendments to Financial Requirements Section 11. Forex Dealer Member Financial Requirements.

• Amendments to Interpretive Notice: Forex Transactions.

As of December 17, 2007

• Amendments to Compliance Rule 2-7. Branch Office Managers and Designated Security Futures Principals.

• Amendments to Compliance Rule 2-30. Customer Information and Risk Disclosure.

• Amendments to Financial Requirements Section 11. Forex Dealer Member Financial Requirements.

• Amendments to Financial Requirements Section 14. Assets Covering Liabilities to Retail Forex Customers.

• Amendments to NFA Registration Rule 209. Alternative to the Fingerprint Filing Requirement in Certain Cases.

• Amendments to NFA Registration Rule 401. Qualification Testing Requirement.

• Amendments to Interpretive Notice: NFA Compliance Rule 2-4: Confidentiality Language in Release Agreements

• Amendments to Interpretive Notice: Compliance Rule 2-9: Enhanced Supervisory Requirements

• Amendments to Interpretive Notice: Compliance Rule 2-9: Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(b)(11) of the Securities Exchange Act of 1934

• Amendments to Interpretive Notice: NFA Compliance Rule 2-37: Fair Commissions

• Amendments to Interpretive Notice: NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401: Proficiency Requirements for Security Futures Products

• Amendments to Interpretive Notice: NFA Compliance Rule 2-30(B): Risk Disclosure Statement for Security Futures Contracts

• Amendments to Interpretive Notice: Forex Transactions

• Amendments to Interpretive Notice: Compliance Rule 2-36(e): Supervision of the Use of Electronic Trading Systems

As of December 11, 2007

• Amendments to Interpretive Notice: NFA Compliance Rule 2-4: Misuse of Trade Secrets and Proprietary Information

As of December 10, 2007

• Amendments to Compliance Rule 3-3. Service.

• Amendments to Compliance Rule 3-7. Appointment of Hearing Panel.

• Amendments to NFA Registration Rule 502. General Provisions.

• Amendments to Interpretive Notice: CPOs of Pools Trading Primarily in Securities.

• Amendments to Interpretive Notice: CTAs Trading Primarily in Securities.

As of November 1, 2007

• Amendments to Compliance Rule 2-9. Supervision.

• Amendments to Interpretive Notice: Compliance Rule 2-9: Enhanced Supervisory Requirements

As of October 25, 2007

• Amendments to Interpretive Notice: Forex Transactions

• Amendments to Compliance Rule 2-36. Requirements for Forex Transactions

• Amendments to Compliance Rule 2-39. Soliciting, Introducing, or Managing Off-Exchange Retail Forex Transactions or Accounts.

As of October 15, 2007

• Amendments to NFA Code of Arbitration Section 9. Hearing.

• Amendments to Interpretive Notice: Compliance Rule 2-36(e): Supervision of the Use of Electronic Trading Systems

• Amendments to NFA Member Arbitration Rules Section 9. Hearing.

As of October 9, 2007

• Amendments to NFA Bylaw 406. Elections.

• Amendments to NFA Bylaw 503. Removal of Directors.

• Amendments to Articles of Incorporation VII: Board of Directors

As of October 1, 2007

• Amendments to NFA Bylaw 1301. Schedule of Dues and Assessments.

• Amendments to NFA Bylaw 1302. Payment of Dues and Assessments.

• Amendments to NFA Bylaw 1303. Default and Deemed Request to Withdraw Membership.

• Amendments to Interpretive Notice: Forex Transactions

As of September 21, 2007

• Amendments to Interpretive Notice: Forex Transactions

• Amendments to Compliance Rule 2-39. Soliciting, Introducing, or Managing Forex Transactions or Accounts.

• Added NFA Financial Requirements Section 15. Forex Dealer Member Internal Financial Controls.

As of September 5, 2007

• Added Interpretive Notice: NFA Compliance Rule 2-4: Misuse of Trade Secrets and Proprietary Information

As of August 1, 2007

• Amendments to NFA Registration Rule 203. Registration Fees.

• Amendments to NFA Registration Rule 204. Registration of Futures Commission Merchants, Notice Futures Commission Merchants, Introducing Brokers, Notice Introducing Brokers, Commodity Pool Operators, Commodity Trading Advisors and Leverage Transaction Merchants and Confirmation of Exemption from Registration Pursuant to Commission Regulation 30.5.

As of July 1, 2007

• Amendments to Compliance Rule 2-10. Recordkeeping.

• Added NFA Financial Requirements Section 14. Assets Covering Liabilities to Retail Forex Customers.

• Added Interpretive Notice: NFA Compliance Rule 2-4: Disclosure Guidelines for FCMs Offering Sweep Accounts

• Added Interpretive Notice: Compliance Rule 2-36(e): Supervision of the Use of Electronic Trading Systems

• Amendments to Interpretive Notice: Forex Transactions

As of June 8, 2007

• Amendments to Compliance Rule 3-3. Service.

• Amendments to NFA Registration Rule 502. General Provisions.

As of June 5, 2007

• Amendments to NFA Code of Arbitration Section 1. Definitions.

• Amendments to NFA Code of Arbitration Section 6. Initiation of Arbitration.

• Amendments to Compliance Rule 2-6. Expelled or Suspended Member or Associate.

• Amendments to Compliance Rule 2-39. Soliciting, Introducing, or Managing Forex Transactions or Accounts.

• Amendments to Compliance Rule 2-40. Bulk Assignment or Liquidation of Forex Positions; Cessation of Customer Business.

• Amendments to Interpretive Notice: Forex Transactions

• Amendments to NFA Member Arbitration Rules Section 1. Definitions.

• Amendments to NFA Member Arbitration Rules Section 5. Initiation of Arbitration.

As of May 7, 2007

• Amendments to NFA Financial Requirements Section 11. Forex Dealer Member Financial Requirements.

• Amendments to Interpretive Notice: Forex Transactions

As of March 31, 2007

• Amendments to NFA Financial Requirements Section 11. Forex Dealer Member Financial Requirements.

• Amendments to Interpretive Notice: Forex Transactions

As of March 9, 2007

• Amendments to Interpretive Notice: Forex Transactions

As of March 7, 2007

• Amendments to Interpretive Notice: Forex Transactions