Forex Manager Prohibited from Doing Business
NFA Brings Action Against Forex Manager for Failure to Cooperate
A forex CTA and CPO firm was prohibited from conducting business by the NFA for failure to cooperate with an NFA investigation. As a reminder to all forex managers, if the NFA institutes an action or inquiry you should cooperate fully and immediately. Failure to do [...]
CFTC Uncovers another Forex Hedge Fund Scam
Another scam…see press release, reprinted below.
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CFTC Charges California-Based Highlands Capital Management, LP and Glenn Kane Jackson with Defrauding Customers in an Off-Exchange Foreign Currency Scheme
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of an enforcement action charging Highlands Capital Management, LP, based in San Francisco, Calif., and its principal [...]
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 [...]
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 [...]
Colorado CTA CFS Charged with Misusing Customer Funds, Submitting False Material to NFA, Failing to Supervise, Among Other Allegations
CFS Capital Management LLC and Principals Violate NFA Compliance Rules, Forced to Withdraw from NFA Membership
On June 30, 2009, NFA filed a formal Complaint against Colorado commodity trading advisor (CTA) CFS Capital Management LLC (CFS) and two of its principals, Andrew G. Elrod and Brian G. Elrod. In the Complaint, NFA alleged that CFS and [...]
Capital FX LLC Violates NFA Compliance Rules, Permanently Banned from NFA Membership
Capital FX LLC Charged with Providing False and Misleading Information and Failing to Comply with NFA Investigation
In a February 5 press release, the NFA announced a settlement with Capital FX LLC (CFX) and its sole principal and employee Robert W. Pecord that will permanently bar the commodity trading advisor (CTA) from future NFA membership.
CFX and [...]
Forex Events February 2010
The following are various forex events happening this month. Please email us if you would like us to add your event to this list.
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February 6
Sponsor: Knowledge to Action Ltd.
Event: Forex Secrets Seminar Workshop
Location: Cambridge, UK
February 6
Sponsor: FX Week and China Forex magazine
Event: FX Week China 2010 Conference
Location: The Westin Beijing, Beijing Shi, Beijing, China
February 9
Sponsor: [...]
PFGBEST Press Release on New Forex Regulations
Forex Broker Supports CFTC But Not on Leverage Reduction
Last week forex broker BFGBEST was the first group to issue a press release on the leverage reduction component of the CFTC’s proposed retail forex regulations. The following press release, reprinted in its entirety, can be found here.
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FOR IMMEDIATE RELEASE
PFGBEST MEDIA ADVISORY
CHICAGO, January 15, 2010
RE: CFTC [...]
Retail FOREX Registration Regulations Proposed
(www.forexregistration.com)
Forex Managers Required to be Registered Under New Regulations
The much anticipated off-exchange retail foreign currency regulations were proposed today by the CFTC. The release announcing the publication in the Federal Register is reprinted below and can be found here. We will be providing an overview of the major provisions shortly.
The full proposed rules are posted here: [...]