Rule Submissions to the CFTC

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May 24, 1999

Ms. Jean A. Webb
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 ("CFTC" or "Commission") proposed amendments to NFA Bylaw 1301. The amendments were approved by NFA's Board of Directors ("Board") on May 20, 1999.

Proposed Amendments to NFA Bylaw 1301

Explanation of Proposals

NFA intends to make the amendments effective on July 1, 1999 unless the Commission notifies NFA within 10 days following the Commission's receipt of this submission that the Commission has determined to review the amendments for approval.

Respectfully submitted,

Daniel J. Roth
General Counsel

cc: Chairman Brooksley Born
Commissioner Barbara Pedersen Holum
Commissioner David D. Spears
Commissioner James E. Newsome
Geoffrey Aronow, Esq.
I. Michael Greenberger, Esq.
Alan L. Seifert, Esq.
Lawrence B. Patent, Esq.
David Van Wagner, Esq.
Riva Spear Adriance, Esq.

* On May 28, 1999, NFA received notification from the Commission that the Commission had decided not to review the proposal, as provided under the "10-day" provision of Section 17(j) of the Commodity Exchange Act. The proposed amendments to NFA Bylaw 1301 became effective on July 1, 1999.

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