On July 20th, the National Futures Association advised that it has adopted an Interpretive Notice entitled "NFA Bylaw 1301(b): NFA Assessment Fee – Diminutive Notional Value Contracts and Security Futures Products." The Interpretive Notice implements a reduced assessment fee rate for contracts designated by NFA's Executive Committee as diminutive notional value contracts ("DNVC") and for security futures products. The Interpretive Notice also provides that NYMEX's micro crude oil contract (clearing symbol MCL) has been designated a DNVC. The Interpretive Notice and reduced assessment fee rate are effective September 1, 2012. NFA Notice to Members I-12-15.