Rule Submissions to the CFTC

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May 26, 2004

Via Federal Express

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

Re: National Futures Association: Proposed Amendments to NFA Bylaws 1301(b)(i), (b)(ii) and (d)*

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 1301(b)(i), (b)(ii) and (d). These proposals were approved by NFA's Board of Directors ("Board") on May 20, 2004.



NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act ("CEA"). NFA intends to make the amendments to Bylaws 1301(b)(ii) and (d) effective on July 1, 2004 and the amendment to Bylaw 1301(b)(i) effective on January 1, 2005, unless the Commission notifies NFA that the Commission has determined to review the proposals for approval.

If you have any questions or if we can provide any additional information, please communicate with Michael J. Saturley, Supervisor of Financial Operations. His email is and his telephone number is (312) 781-1386.

Respectfully submitted,

Thomas W. Sexton
Vice President and General Counsel

* The proposed amendments to NFA's dues in NFA Bylaw 1301 became effective on July 1, 2004. The proposed amendments to NFA's assessment fees in NFA Bylaw 1301 will become effective January 1, 2005.

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