Failure to retain at least one Principal registered as an “associated person” will henceforth be regarded by the NFA as a request to withdraw from NFA membership, unless membership is in the contract market category. This amends NFA bylaw 301 (a)(iii), which now reads:

No person, unless eligible for membership in the contract market category, shall be eligible to become or remain a Member unless at least one of its principals is registered as an “associated person” under the Act and Commission Rules.

(1) If any Member fails to have at least one principal that is registered as an “associated person” NFA shall deem that Member’s failure to be a request to withdraw from NFA membership and shall notify that Member accordingly.