UNITED STATES OF AMERICA
Before the
COMMODITY FUTURES TRADING COMMISSION

On August 31, 2000 the Commission's Office of Proceedings received a letter from Michael Clark seeking "judicial supervision" of a registration proceeding being conducted by the National Futures Association ("NFA"). The letter indicated that Clark was concerned that NFA will not conduct a "fair and just hearing" in the registration proceeding. The Office of Proceedings received NFA's response on September 18, 2000. It noted that NFA's Membership Committee has not issued a final decision in its registration proceeding involving Clark and contended that Commission Rule 171.23(a) only permits appeals from final decisions in such proceedings. On this basis, it sought dismissal of Clark's submission.

Interlocutory review of an aspect of an ongoing NFA proceeding is only appropriate in rare circumstances. Commonwealth Financial Group, Inc. v. National Futures Association, [1994-1996 Transfer Binder] Comm. Fut. L. Rep. (CCH) ¶ 26,520 at 43,327 (Sept. 27, 1995). Clark's letter does not make any showing that his concerns relate to such rare circumstances. Consequently, NFA's motion to dismiss is granted. Nothing herein affects Clark's right to raise this issue in any appeal he may file from NFA's final decision in the registration proceeding.

IT IS SO ORDERED.¹

Edson G. Case
Deputy General Counsel
Commodity Futures Trading Commission

Dated: September 29, 2000

1 By the Commission pursuant to delegated authority. 17 C.F.R. § 171.50(a)(5).