Forex dealer amendments from NFA

The NFA issued an alert to members engaged in retail forex activities, notifying them of changes made to NFA requirements by the CFTC. These amendments affect NFA Bylaws, Compliance Rules, Code of Arbitration, and three Interpretive Notices. They will go into effect on October 1, 2011. The changes are as...

NFA comments on CFTC swap incorporation rule-making

The NFA has released a comment letter to the CFTC offering its opinion on two provisions found in the CFTC proposed rule to incorporate swaps into existing agency regulations. The Association’s comments apply to expanded record-keeping requirements found in the proposed rule. The first comment applies...

SEC issues retail forex investor bulletin

As part of its investor education initiative, the SEC has issued an Investor Bulletin educating consumers about the risks of retail foreign exchange (“forex”) trading. “Forex trading can be very risky and is not appropriate for all investors,” explains Lori J. Schock of the SEC’s Office of...

CFTC wins judgment against unregistered forex dealer

The CFTC announced today that it has obtained a default judgement and permanent injunction against foreign exchange, or forex, dealer ForInvest Group. The Commission filed a complaint against the Delaware-based firm in January 2011, alleging that the firm solicited clients to open off-exchange leveraged...

Another Update on 14 CFTC Forex Enforcement Suits

For the past several weeks we have been covering the 14 enforcement lawsuits the Commodity Futures Trading Commission (CFTC) in federal courts throughout the country. Aside from a few requests from the CFTC to postpone proceedings due to an impending government shutdown, there has not been much movement in...