Rule Submissions to the CFTC

February 26, 1998

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 301(h) and the Interpretive Notice to Compliance Rule 2-9: Supervision of Telemarketing Activity*

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 Bylaw 301(h) and the Interpretive Notice to Compliance Rule 2-9: Supervision of Telemarketing Activity. The proposals contained herein were approved by NFA's Board of Directors ("Board") on February 19, 1998.

NFA intends to make the proposed amendments effective 10 days after receipt of this submission by the Commission unless the Commission notifies NFA within the 10-day period that the Commission has determined to review the amendments for approval.

Proposed Amendment to NFA Bylaw 301(h)

Proposed Amendments to the Interpretive Notice to Compliance Rule 2-9: Supervision of Telemarketing Activity

Explanation of Proposed Amendments

Respectfully submitted,

Daniel J. Roth
General Counsel

cc: Chairperson Brooksley Born
Commissioner Barbara Pedersen Holum
Commissioner John E. Tull, Jr.
Commissioner David D. Spears
Geoffrey Aronow, Esq.
I. Michael Greenberger, Esq.
Alan L. Seifert, Esq.
Lawrence B. Patent, Esq.
David Van Wagner, Esq.