Rule Submissions to the CFTC

August 31, 2004

Via Federal Express

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 Bylaws 301, 701, 702, 704 and 707, Compliance Rule 3-17 and Registration Rule 501 Relating to Non-Member Involvement in NFA's Disciplinary and Membership Committee Actions*

Dear Ms. Webb:

National Futures Association ("NFA") hereby withdraws its February 26, 2001 submission to the Commodity Futures Trading Commission ("CFTC" or "Commission") regarding proposed amendments to NFA Compliance Rule 3-17. Pursuant to Section 17(j) of the Commodity Exchange Act, as amended, NFA hereby submits to the Commission proposed amendments to Bylaws 301, 701, 702, 704 and 707, Compliance Rule 3-17 and Registration Rule 501 relating to non-Member involvement in NFA's Disciplinary and Membership Committee actions. The proposals contained herein were approved by NFA's Board of Directors ("Board") on August 19, 2004. NFA respectfully requests Commission review and approval of the proposed amendments.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

NFA respectfully requests that the Commission review and approve the proposed amendments to NFA Bylaws 301, 701, 702, 704 and 707, Compliance Rule 3-17 and Registration Rule 501.

Respectfully submitted,
Thomas W. Sexton
Vice President and General Counsel