On October 19, 2000, the Commission's Office of Proceedings received a written submission from Michael Clark entitled "Restoration of Rights." The document included challenges to a decision by the National Futures Association ("NFA") in an ongoing registration action.1 The Office of Proceedings received Clark's request for expedited review of his request for relief on October 27, 2000,² and NFA's response to Clark's request for relief on October 31, 2000. NFA noted that its Membership Committee has not issued a final decision in its registration proceeding involving Clark and argued that Clark's submission did not allege the type of rare circumstances that would justify interlocutory review of NFA's procedural rulings in an ongoing matter. 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 submission does not fully describe the circumstances material to the relief he seeks and appears to raise typical procedural issues that can be effectively addressed after NFA issues a final decision. Consequently, Clark has failed to show that his concerns relate to the rare circumstances that justify immediate review. In these circumstances, NFA's motion to dismiss is granted.³

IT IS SO ORDERED.⁴

Edson G. Case
Deputy General Counsel
Commodity Futures Trading Commission

Dated: November 7, 2000

1 The focus of Clark's submission is NFA's denial of his requests for production of documents and for subpoenas for certain hearing witnesses. Clark's submission does not describe either the nature of the documents he sought or the identity of the witnesses he sought to subpoena.

2 Clark requested expedited consideration so that he could seek court review of NFA's decision prior to the hearing date in NFA's registration action.

3 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.

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