NFA Proposes New Compliance Rule 2-43 for Forex Dealer Members
(www.forexlawblog.com) Today the NFA proposed a completely new compliance rule for Forex Dealer Members. The proposed new Compliance Rule 2-43 Forex Orders has two essential parts: (1) a requirement that FDMs cannot cancel customer orders except in certain circumstances, and (2) a requirement that no single account can contain offsetting positions in the same currency [...]
NFA Proposes Additions to Forex Compliance Rules
(www.forexlawblog.com) Today the NFA proposed additions to its compliance rules for NFA Members and Associated Persons who deal with off-exchange foreign currency transactions. There were four central changes which were proposed:
Forex Law Question – Forex Managers and the Series 7 Exam
Question: If I trade spot forex in a fund structure, do I need a Series 7 exam license?
Answer: If a hedge fund manager trades in the spot off-exchange foreign currency (forex) markets and is not associated with a broker dealer, then the investment activities of the manager do not require a series 7 exam license.
Forex Hedge Fund Group Ordered to Pay Penalties for Forex Fraud
In one of the more interesting forex fraud actions I have seen, a forex hedge fund acted as a counterparty to transactions with retail investors. Generally off-exchange foreign currency trades with retail customers can only be completed by firms which are Futures Commission Merchants or Forex Dealer Members, and who are also registered with the [...]
NFA Revises Notice Impacting Forex Dealer Members
The NFA has proposed revisions to Interpretive Notice to Compliance Rule 2-36(e) regarding Supervision of the Use of Electronic Trading Systems. While these revisions are generally customer/investor friendly, they do not seem to be unreasonable and probably would mirror industry best practices. Forex Dealer Members (FDMs) will need to implement the new revisions as soon [...]
NFA Proposes New Forex Compliance Rule
The NFA has proposed a new Compliance Rule 2-44 regarding Forex Customer Statements. The NFA has also proposed related amendments to the Interpretive Notice regarding Forex Transactions. The new proposed Rule 2-44 provides guidance to Forex Dealer Members (FDMs) on how they should provide customer statements to their customers.
The major addition is Rule 2-44 which [...]
NFA Changes Compliance Rule for Forex CPOs and Forex CTAs
The NFA announced that they are repropsing NFA Compliance Rules 2-41 and 2-42 to make it harder for forex pools to be “eligible contract participants” and therefore out of the NFA purview. The proposed amendments will be effective upon 10 days notice to the CFTC unless the CFTC opposes the changes. The release is reprinted [...]
Forex Program Announced by Introducing Broker (Press Release)
Forex Trading Pal Launches Rebate Program to Strengthen its Introducing Broker Status
(PRWEB) December 2, 2008 — Forex Trading Pal has recently launched its rebate program. On the Forex Trading Pal website you will find rebate offers that cannot be matched by most other introducing brokers and, also very important, Forex Trading Pal only works with [...]