Rule Submissions to the CFTC

March 1, 1999

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 Adoption of NFA Bylaw 516 and Proposed Amendments to NFA Bylaw 708, NFA Compliance Rules 3-2, 3-9, 3-13 and 3-15, and NFA Registration Rule 501*

Dear Ms. Webb:

National Futures Association ("NFA") hereby submits to the Commodity Futures Trading Commission ("CFTC" or "Commission") the proposed adoption of NFA Bylaw 516 and proposed amendments to NFA Bylaw 708, NFA Compliance Rules 3-2, 3-9, 3-13 and 3-15, and NFA Registration Rule 501. The proposals contained herein were approved by NFA's Board of Directors ("Board") on February 18, 1999.

NFA intends to make the proposed new bylaw and 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 new bylaw and the amendments for approval.

Explanation of Proposals

Proposed New Bylaw And Amendments

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.