Proposed Rule
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(additions are underscored and deletions are
INTERPRETIVE NOTICES
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FOREX TRANSACTIONS WITH FOREX DEALER MEMBERS
INTERPRETIVE NOTICE
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C. OTHER REQUIREMENTS
1. Bylaw 1301
Forex Dealer Members are not required to pay assessment fees on retail off-exchange forex transactions. Instead, NFA Bylaw 1301(e) imposes annual dues that are graduated according to the firm's gross annual revenue from customers (e.g., commissions, mark-ups, mark-downs) for these activities. Profits and losses from proprietary trades are not to be included. To calculate dues:
- Start with the FCM dues imposed by NFA Bylaw 1301(b)(ii);
- Add $14,375 if the Forex Dealer Member's gross annual revenue from acting as counterparty to retail forex transactions is $500,000 or less;
- Add
$7,500$24,375 if the Forex Dealer Member's gross annual revenue from acting as counterparty to retail forex transactions is more than$100,000$500,000, but not more than $2,000,000;and- Add $44,375 if the Forex Dealer Member's gross annual revenue from acting as counterparty to retail forex transactions is more than $2,000,000, but not more than $5,000,000; or
- Add $94,375
an additional $5,000if the Forex Dealer Member's gross annual revenue from these activities is more than$1,500,000$5,000,000.
The following table shows the dues to be assessed for Forex Dealer Members:
Amount of annual Gross Revenue From Off-Exchange Retail Forex Transactions | Dues if NFA is the DSRO | Dues if NFA is not the DSRO |
$500,000 or less | $20,000 | $15,875 |
More than $500,000, but not more than $2 million | $30,000 | $25,875 |
More than $2 million, but not more than $5 million | $50,000 | $45,875 |
More than $5 million | $100,000 | $95,875 |
The dues will be assessed on the firm's membership renewal date and will be based on the Forex Dealer Member's latest certified financial statement.