Rule Submissions to the CFTC

May 22, 2007

Via Federal Express

Ms. Eileen A. Donovan
Office of the Secretariat
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, DC 20581

Re: National Futures Association: Annual Registration Updates -- Proposed Amendments to NFA Registration Rules 203 and 204*

Dear Ms. Donovan:

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 Registration Rules 203 and 204. This proposal was approved by NFA's Board of Directors ("Board") on May 17, 2007.

NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act ("CEA") and intends to make these proposals effective on August 1, 2007 (or on the effective date of corresponding changes to CFTC Regulations, if later) unless the Commission notifies NFA that the Commission has determined to review the proposals for approval.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

As mentioned earlier, NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act. NFA intends to make the proposed amendments to NFA Registration Rules 203 and 204 regarding annual registration updates effective on August 1, 2007 (or on the effective date of corresponding changes to CFTC regulations, if later) unless the Commission notifies NFA that the Commission has determined to review the proposal for approval.

Respectfully submitted,

Thomas W. Sexton
Vice President and General Counsel