On August 22nd, the National Futures Association ("NFA") submitted to the CFTC proposed amendments to NFA Bylaw 301 and Registration Rules 401 and 402. Such proposals will be deemed effective 10 days following the CFTC's receipt unless the CFTC notifies the NFA that the CFTC has decided to review the proposals for approval. The amendment to Bylaw 301 provides that members registered with the CFTC as an FCM, IB, CPO or CTA and engaged in activities involving swaps must be approved as a "swaps firm" or "swaps associated persons" by the NFA. The amendments to the Registration Rules modify certain proficiency requirements for persons applying to be registered as associated persons. NFA Amendments.