NFA Proposes Amendment to Bylaw 1301 Regarding Decreases in Membership Dues for Major Swap Participants

The NFA submitted a proposed rule to the CFTC to amend NFA Bylaw 1301, which currently requires major swap participants ("MSP") to pay NFA annual membership dues.

According to the NFA, due to the nature of MSP swap activities and the fact that a number of the CFTC Part 23 rules are inapplicable to MSP activities, the NFA will spend less regulatory resources overseeing MSPs than originally anticipated. Therefore, the proposed amendments to NFA Bylaw 1301 would reduce the MSP annual dues to $150,000.

The NFA invoked the "ten-day" provision of the CEA, and intends to make the proposed amendments effective 10 days after receipt of the proposed rule submission by the CFTC, unless the CFTC indicates otherwise.

See: NFA Rule Filing.