On June 20th, the National Futures Association ("NFA") advised that its staff has recently noted during examinations of member Future Commission Merchants ("FCMs") that some firms are failing to properly remit the NFA assessment fee for commodity pools operated by NFA Member Commodity Pool Operators ("CPOs") when the pool is also an exchange member. NFA reminded members that in August 2004 the Board approved an amendment to NFA Bylaw 1301 regarding the application of NFA's assessment fee to a pool operated by an NFA member CPO where the pool itself is also an exchange member. Under Bylaw 1301, a person with "privileges of membership" is exempt from paying NFA's assessment fee for trades occurring on the exchange where the person is a member. The Board's August 2004 amendment to NFA Bylaw 1301(b), which became effective on January 1, 2005, excludes from Bylaw 1301(b)'s "privileges of membership" exemption those contracts traded by a commodity pool operated by an NFA Member CPO. NFA Notice I-11-11.