Rule Submissions to the CFTC

November 21, 2001

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

Re: National Futures Association: Proposed Amendments to Sections 1, 2 and 5 of NFA Financial Requirements; the Interpretive Notice Regarding The Electronic Filing of Financial Reports; and NFA Bylaw 1301(b).*

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 Sections 1, 2 and 5 of NFA Financial Requirements; the Interpretive Notice regarding The Electronic Filing of Financial Reports; and NFA Bylaw 1301(b). The amendments were unanimously approved by NFA's Board of Directors ("Board") on November 15, 2001.

NFA is requesting the invocation of the "ten-day" provision of Section 17(j) of the Commodity Exchange Act and shall make the amendments to its Financial Requirements and Interpretive Notice effective on December 31, 2001, and the amendments to Bylaw 1301(b) effective on January 1, 2002, unless within ten days after receipt of this submission by the Commission the Commission notifies NFA that the Commission has determined to review the amendments for approval.

Proposed Amendments to Sections 1, 2 and 5 of NFA Financial Requirements

Proposed Amendments to the Interpretive Notice regarding The Electronic Filing of Financial Reports

Proposed Amendments to NFA Bylaw 1301(b)

Explanation of Proposed Amendments

As mentioned earlier, NFA is requesting the invocation of the "ten-day" provision of Section 17(j) of the Commodity Exchange Act and shall make the amendments to its Financial Requirements and Interpretive Notice effective on December 31, 2001, and the amendments to Bylaw 1301(b) effective on January 1, 2002, unless within ten days after receipt of this submission by the Commission the Commission notifies NFA that the Commission has determined to review the amendments for approval.

Respectfully submitted,

Thomas W. Sexton, III
Vice President and General Counsel

cc: Acting Chairman James E. Newsome
Commissioner Barbara Pedersen Holum
Commissioner David D. Spears
Commissioner Thomas J. Erickson
Phyllis J. Cela, Esq.
John C. Lawton, Esq.
Alan L. Seifert, Esq.
David Van Wagner, Esq.
Riva Spear Adriance, Esq.

*The proposed amendments to Sections 1, 2 and 5 of NFA Financial Requirements and the Interpretive Notice Regarding The Electronic Filing of Financial Reports become effective December 31, 2001. The proposed amendments to NFA Bylaw 1301(b) become effective on January 1, 2002.