On July 15th, the National Futures Association advised that an amendment to NFA's Code of Arbitration and Member Arbitration Rules is effective immediately for all arbitration cases pending on or after July 7, 2011. The amendment provides that the President of NFA may, on 30 days written notice, summarily bar from Membership or Associate Membership a former Member or Associate when that former Member, or employee thereof, fails to comply with an arbitration award or a settlement agreement, unless the former Member or Associate has a pending request to modify the award or has a pending application to vacate, modify or correct the award in a court of competent jurisdiction and has filed a bond in accordance with Section 10(g)(1)(i)(A) and (B) of the Code and Rules. NFA Notice I-11-12.