Commodity Futures Trading Commission September 10, 2010 – Federal Register Recent Federal Regulation Documents
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Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting a comprehensive regulatory scheme to implement the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Wall Street Reform Act'') \1\ and the CFTC Reauthorization Act of 2008 (``CRA'') \2\ with respect to off-exchange transactions in foreign currency with members of the retail public (i.e., ``retail forex transactions''). The new regulations and amendments to existing regulations published today establish requirements for, among other things, registration, disclosure, recordkeeping, financial reporting, minimum capital, and other operational standards.
Performance of Registration Functions by National Futures Association With Respect to Retail Foreign Exchange Dealers and Associated Persons
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is authorizing the National Futures Association (``NFA''), effective September 10, 2010, to process and grant applications for initial registration, renewed registration and withdrawals of retail foreign exchange dealers (``RFEDs'') and their associated persons (``APs'') and to issue temporary licenses to eligible APs; to conduct proceedings to deny, condition, suspend, restrict or revoke the registration of any RFED or AP of an RFED, or an applicant for registration in either category; and to maintain records regarding RFEDs and their APs, and to serve as the official custodian of those Commission records.
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