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December 11, 2006
NFA settles enforcement action against New York Forex Dealer Member
December 11, Chicago - National Futures Association has ordered Capital Market Services LLC (CMS), a Futures Commission Merchant and a Forex Dealer Member located in New York City, to pay $75,000. The Decision, issued by NFA's Business Conduct Committee, is based on charges contained in a Complaint and a settlement offer submitted by CMS.
The Complaint charged CMS's Non-Member third-party solicitors with using misleading promotional materials in soliciting customers for CMS. Currently, third-party solicitors for retail forex trading are not subject to regulatory requirements. However, NFA rules hold Forex Dealer Members responsible for the activities of any individual that solicits or introduces a customer to the Member unless the person is a Member or Associate of NFA.
The complete text of the Complaint and Decision can be found on NFA's Web site (www.nfa.futures.org).
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