Rule 3a12-8

Exemption for Designated Foreign Government Securities for Purposes of Futures Trading

a. When used in this Rule, the following terms shall have the meaning indicated:

1. The term designated foreign government security shall mean a security not registered under the Securities Act of 1933 nor the subject of any American depositary receipt so registered, and representing a debt obligation of the government of

i. The United Kingdom of Great Britain and Northern Ireland;

ii. Canada;

iii. Japan;

iv. The Commonwealth of Australia;

v. The Republic of France;

vi. New Zealand;

vii. The Republic of Austria;

viii. The Kingdom of Denmark;

ix. The Republic of Finland;

x. The Kingdom of the Netherlands;

xi. Switzerland;

xii. The Federal Republic of Germany;

xiii. The Republic of Ireland;

xiv. The Republic of Italy;

xv. The Kingdom of Spain;

xvi. The United Mexican States;

xvii. The Federative Republic of Brazil;

xviii. The Republic of Argentina;

xix. The Republic of Venezuela;

xx. The Kingdom of Belgium; or

xxi. The Kingdom of Sweden.

2. The term qualifying foreign futures contracts shall mean any contracts for the purchase or sale of a designated foreign government security for future delivery, as "future delivery" is defined in 7 U.S.C. 2, provided such contracts require delivery outside the United States, any of its possessions or territories, and are traded on or through a board of trade, as defined at 7 U.S.C. 2.

b. Any designated foreign government security shall, for purposes only of the offer, sale or confirmation of sale of qualifying foreign futures contracts, be exempted from all provisions of the Act which by their terms do not apply to an "exempted security" or "exempted securities."