Notices to Members

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Notice I-23-15

July 25, 2023

Effective date for repeal of NFA Interpretive Notice regarding reduced NFA assessment fee for diminutive notional value-designated contracts

NFA recently repealed its Interpretive Notice entitled NFA Bylaw 1301(b): NFA's Assessment Fee-Diminutive Notional Value Contracts and Security Futures Products, to eliminate the reduced assessment fee for security futures products (SFP) and diminutive notional value (DNV)-designated contracts. This action becomes effective on January 1, 2024, at which time DNV-designated contracts1 will be subject to the assessment fee under NFA Bylaw 1301. The fee is currently $.04 per round turn. NFA's Board of Directors unanimously approved this repeal after concluding that NFA's regulatory oversight costs are the same for DNV-designated contracts as they are for other exchange traded futures products, and therefore the assessment fee should be the same.

NFA's June 20, 2023, submission letter to the CFTC contains more detailed information regarding the Interpretive Notice's repeal. If you have any questions, please contact NFA's Information Center ( or 312-781-1410 or 800-621-3570).

1 Currently, there are no SFP contracts subject to NFA's assessment fee. If trading commences in these products, the assessment fee under NFA Bylaw 1301(b) will apply.

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