NFA Discusses Future Forex Rules and Forex Registration
The press release below from the NFA discusses the coming registration requirements for those forex managers which engage in advising clients on off-exchange foreign exchange transactions. It is expected that registration will be required very shortly and managers, including forex hedge fund managers, will need to be registered as a “Forex CPO.” These managers will [...]
NFA Gets Ready for Forex Registrations
The NFA is getting ready to begin processing applications for all of the new Forex registrations which will need to be completed once the CFTC approves rules that require the registration of managers who advise on retail off-exchange forex transactions. If you currently manage spot forex accounts or forex hedge funds you will need to [...]
Section 988
§ 988. Treatment of certain foreign currency transactions
(a) General rule
Notwithstanding any other provision of this chapter—
(1) Treatment as ordinary income or loss
(A) In general
Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section 988 transaction shall be computed separately and treated as ordinary income or loss (as the [...]
$5 Million Fine in CFTC Forex Anti-Fraud Action
Release: 5563-08
For Release: October 3, 2008
Jacksonville Resident Stephanie Ann Gallitano and Her Fort Lauderdale-Based Companies Ordered to Pay More than $5 Million in Restitution and Civil Monetary Penalties in CFTC Forex Anti-Fraud Action
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced today that Stephanie Ann Gallitano of Jacksonville, Florida, and her Fort Lauderdale-based [...]