On August 18th, the National Futures Association petitioned the CFTC to amend CFTC Regulation 4.5, which provides an exclusion from the definition of the term "commodity pool operator" for otherwise regulated persons operating certain qualifying entities. The NFA requests the restoration of the pre-2003 requirement that persons claiming the exclusion file a notice of eligibility and represent, in part, that the person will not market participations to the public; and will use commodity futures or commodity options contracts solely for bona fide hedging purposes and, with respect to positions held for non-bona fide hedging purposes, the aggregate initial margin and premiums required to establish such positions will not exceed five percent of the liquidation value of the qualifying entity's portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into. NFA Petition.