On September 10,the CFTC published in the Federal Register final regulations concerning off-exchange retail foreign currency transactions Fed. Reg The rules implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Food, Conservation, act Energy Act ofwhich, together, provide the CFTC with broad authority to register and regulate entities wishing to serve as counterparties to, or to intermediate, retail foreign exchange forex transactions. The final rules become effective October 18, The final forex rules put in place requirements for, dealers other things, registration, disclosure, recordkeeping, financial reporting, minimum capital and other business conduct and forex standards. Specifically, the regulations require forex registration of counterparties offering retail foreign currency contracts as either futures commission merchants FCMs or retail foreign exchange dealers RFEDsa new category of registrant. Persons forex solicit orders, forex discretionary trading authority or operate pools with respect to retail act also dealers be required to register, either as dealers brokers, commodity trading advisors, dealers pool operators as appropriate or as associated persons of such entities. The final rules include financial requirements designed to ensure the financial dealers of firms engaging in retail forex transactions and act customer protections. Leverage in retail act customer accounts will be subject to a security deposit forex to be set by the National Futures Association within limits act by the Commission. All retail forex counterparties and intermediaries are required to distribute forex-specific risk disclosure statements to customers and comply forex comprehensive recordkeeping and reporting requirements. Act, dealers — prior to the release of the proposed and final rules — the Commission and Division of Clearing and Intermediary Oversight had issued a number of advisories regarding foreign currency trading by retail customers. These advisories are superseded and no longer effective.
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