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NFA president testifies at congressional subcommittee hearing
"In passing the Commodity Futures Modernization Act of 2000 (CFMA), Congress attempted to clear up jurisdictional issues over off-exchange forex contracts sold to retail customers," said Roth. "Unfortunately, the actual wording of the statute may have closed one loophole and opened another."
Roth described the steps NFA has taken to combat the rise of consumer fraud in the retail forex arena, including three emergency enforcement actions taken against NFA Members within the last 20 months. Additionally, NFA's Board of Directors recently approved several rules designed to protect retail forex customers against unethical business practices and loss of funds due to insolvency or related problems. These rules are currently being reviewed by the CFTC.
CFTC approves amendments to NFA registration rules
Registration Rules 202,203,204,801 and 802 - amended to mirror the existing CFTC Regulation 30.5 and to provide for the electronic filing of applications for exemption under the regulation.
Registration Rules 203 and 204 - Amended to require a $100 registration fee for each Form 7-R filed for exemption pursuant to CFTC Regulation 30.5.
Registration Rule 204 - Amended to provide that firms exempt from registration pursuant to CFTC Regulation 30.5 will be assessed an annual $100 records maintenance fee.
NFA managing director to speak at compliance conference
Thoele and Susan Irvin, a former CFTC staff member and currently a Partner at Dechert, an international law firm, will present "A Primer on CFTC Regulation and NFA Oversight." They will discuss topics such as registration and regulatory requirements, disclosure reporting and recordkeeping, among others.
National Regulatory Services provides conferences, education and training to firms in the financial services industry. For more information, visit the NRS Web site at www.nrs-inc.com.
NFA revises Self-Examination Checklist and Regulatory Requirements Guide
Both publications are available in hardcopy and on NFA's Web site (www.nfa.futures.org).
NFA staff contribute to new book on emerging Latin markets
Focus on Capital was edited by Kenroy Dowers and Pietro Masci, published by the Inter-American Development Bank and distributed by the John Hopkins University Press.
Copies of the book can be purchased through the bank's Web site (www.iadb.org/pub).
NFA staff to speak at upcoming international conferences
Downs and CFTC Director of the Office of International Affairs Andrea Corcoran will present a roundtable discussion of market regulation issues. More than 700 participants are anticipated to attend the conference.
Senior Vice-President of Strategic Planning and Communications Karen Wuertz is scheduled to speak at the International Regulators' Meeting in Burgenstock, Switzerland, on September 4. The meeting is held in conjunction with the Swiss Futures and Options Association's annual conference in Burgenstock from September 4 through September 7.
Wuertz will give a presentation on "The Effective Use of Regulatory Resources." The meeting will also feature presentations from the CFTC and other regulators, as well as executives from Germany, Ireland, the United Kingdom, Switzerland and the Netherlands.
Advisory Committees discuss industry issues
In addition, the FCM and IB Committees discussed NFA's proposed requirements for Forex Dealer Members, while the CPO/CTA Committee discussed recent CFTC Rule proposals affecting CPOs and CTAs.