On October 3rd, the National Futures Association issued guidance on its recent amendment to NFA Bylaw 301, which requires NFA Member FCMs, IBs, CPOs and CTAs and their APs that engage in swaps activity that is subject to CFTC jurisdiction, to be approved by NFA as a swaps firm or swaps AP. The new requirement becomes effective January 1, 2013. NFA also amended Registration Rules 401 and 402 to provide relief from the proficiency requirements for swaps APs of these Members. The amendments to Registration Rules 401 and 402 are effective immediately. NFA Notice to Members I-12-24.