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Proposed Rule

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Proposed Amendments to NFA Bylaws 514, and 708(b) and Compliance Rule 2-29(c)(6) (Additions are underscored and deletions are stricken)

BYLAWS

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CHAPTER 5
BOARD OF DIRECTORS

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BYLAW 514. PROHIBITION AGAINST USE OF NON-PUBLIC INFORMATION.

No Director or functional equivalent thereof shall use or disclose material, non-public information obtained as a result of participation on the Board of Directors or any subcommittee of the Board of Directors, for any purpose other than the performance of official duties as a Director or subcommittee member.

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BYLAW 708. QUALIFICATIONS AND OBLIGATIONS OF MEMBERS OF NFA COMMITTEES.

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(b) No member or functional equivalent thereof of any NFA Committee or subcommittee shall use or disclose material, non-public information, obtained as a result of participation on the Committee or subcommittee, for any purpose other than the performance of official duties as a member of the Committee or subcommittee thereof.

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COMPLIANCE RULES

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Part 2 - RULES GOVERNING THE BUSINESS CONDUCT OF MEMBERS REGISTERED WITH THE COMMISSION

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RULE 2-29. COMMUNICATIONS WITH THE PUBLIC AND PROMOTIONAL MATERIAL.

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(c) Hypothetical Results.

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(6) These restrictions on the use of hypothetical trading results shall not apply to promotional material directed exclusively to persons who meet the standards of a "Qualified Eligible Participant Person" under CFTC Regulation 4.7.

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