NFA CPO/CTA Regulatory Seminar Recap for Forex Managers
(www.forexlawblog.com)
I wrote the following article after attending the NFA Seminar in Chicago at the beginning of the month. Most of the information below discusses CPOs and CTAs generally, but it will be applicable to forex firms as well once forex registration (as a CPO or CTA) is required here shortly. Forex managers should begin getting [...]
Next Steps for Proposed Forex Regulations?
Public Comment Period for CFTC’s Proposed Retail Forex Regulations Ended Monday, Proposal Will Go Back to Board for Review
On March 22, 2010, the public comment period ended for the CFTC’s Proposed Forex Regulations. I called the NFA to find out more information about what the next steps regarding the Proposal will be, but the NFA [...]
Overview of Major Forex Industry Players’ Public Comments
Major Forex FCMs, IBs, and Other Industry Players Submit Public Comments to CFTC Regarding Proposed Retail Forex Regulations
The public comment period for CFTC’s Proposed Retail Forex Regulations ended on Monday, March 22. CFTC received close to 9,000 comment letters. We went through the comments submitted by the major forex industry players and pulled out some [...]
NFA Comment Letter on Proposed Retail Forex Regulations
NFA Asks CFTC to Carefully Consider Leverage Requirements
Below is the full text of the NFA’s comment letter to the CFTC. Mallon P.C., a law firm focused on the forex industry, has also submitted a comment to the CFTC. We will be bringing you more information on the comment letters over the next few days.
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March 22, [...]
Comments on Proposed Retail Forex Regulations Due Today
NFA Expected to Submit Comments Today or Tomorrow
Today is the final day for comments on the proposed retail forex regulations. Mallon P.C. will be submitting our comment by the end of business today and we will share that comment tomorrow. Tomorrow we will also publish an overview of the comments and what processes the industry [...]
FXDC Firms Comment on Guaranteed IB Proposal
FXCM, FX Solutions, Interbank FX, and OANDA Provide Feedback on CFTC Forex Proposal’s New Guaranteed Introducing Broker (IB) Rule
The new CFTC Forex Proposal contains a proposed requirement for all introducing brokers (IBs) to be guaranteed by one futures commission merchant (FCM). Prior to the proposition of these rules, IBs were allowed to be either independent [...]
CFTC Charges Helmut H. Weber with Forex Fraud; Update on Ronald W. Smith, Jr. Fraud Charges
On the Eve of New Forex Registration Requirements, CFTC Finds More Fraud
In two separate actions, CFTC charged Arizona resident Helmut H. Weber of Weber Capital Management with solicitation fraud and misappropriation of customer funds, and CFTC obtained a preliminary injunction against Virginia resident Ronald W. Smith, Jr. of Safeguard 3030 Investment Club in relation to [...]
NFA Indicates Support of Higher Leverage for Retail Forex
By Bart Mallon, Esq.
(www.forexregistration.com)
At the NFA regulatory conference at the beginning of this month, the topic of the first session was the current regulatory and legislative changes which are currently taking place in the industry. Perhaps not surprisingly, the panel (which included NFA’s Dan Driscoll) completely avoided any discussion of the CFTC proposed forex regulations [...]
Senator Orrin Hatch Comments on Proposed Forex Regulations
“Concerned” about “severe impact” of regulations
On March 9, 2010, Utah Senator Orrin G. Hatch submitted a comment letter to the CFTC regarding the proposed retail forex regulations. Senator Hatch takes the stance that the CFTC should not reduce the levergage requirement from 100:1 to 10:1.
“I am told this provision may result in many retail Forex [...]
GAIN Capital Holdings, Inc. Opens Hong Kong Office, Expands Asian Presence
GAIN Capital Announces New Hong Kong Office and White Label Agreement with Polaris Securities
GAIN Capital Holdings, Inc. (operator of well-known site forex.com) has expanded its presence in Asia by opening a new office in Hong Kong. It currently has offices in Tokyo and Seoul, as well as in New York, New Jersey, and London.
The CEO [...]