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August 22, 1997

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

Re: National Futures Association: Proposed Amendments to NFA Bylaw 1301

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 ("Commission") proposed amendments to NFA Bylaw 1301. The amendments were approved by NFA's Board of Directors ("Board") at its meeting on August 21, 1997. NFA intends to make the amendments to NFA Bylaw 1301 effective on January 1, 1998 unless the Commission notifies NFA, within ten days after receipt of this submission, that the Commission has determined to review the amendments for approval*.


*By letter dated September 5, 1997, the Commission notified NFA that is has decided not to review the proposal. Therefore, the amendments to NFA Bylaw 1301 to increase NFA's assessment fees will become effective on January 1, 1998.

Proposed Amendments to NFA Bylaw 1301

Explanation of Proposed Amendments

Sincerely,

Daniel J. Roth
General Counsel

cc: Chairman Brooksley Born
Commissioner Barbara Pedersen Holum
Commissioner Joseph P. Dial
Commissioner John E. Tull, Jr.
Andrea M. Corcoran, Esq.
Geoffrey Aronow, Esq.
Alan L. Seifert, Esq.
Susan E. Ervin, Esq.
Lawrence B. Patent, Esq.
David Van Wagner, Esq.

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