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Retail Forex Transactions A Regulatory Guide
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Category : Business » Forex Trading
The Commodity Exchange Act (Act) gives the Commodity Futures Trading . All other off-exchange futures and . who are subject to NFA's forex requirements .
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In developing its forex requirements, NFA's primary concern was to ensure that the requirements provide adequate protection for customers without imposing undue burdens on NFA Members. NFA also recognized that, because of the differences between forex transactions and traditional exchange-traded futures and options, some of NFA's futures rules may not be appropriate for forex transactions. Compliance Rule 2-36 sets out the general standards that apply to Members and their Associates in connection with forex transactions, and the Interpretive Notice entitled "Forex Transactions" explains how these standards apply.
Customer Information and Risk Disclosure The Interpretive Notice requires Members to obtain certain information from customers and to provide them with understandable and timely disclosure on essential features of forex trading. The information must be obtained, and the disclosures must be given, before the customer makes the first trade. Members must update this disclosure prior to entering into new forex transactions with current customers if failing to update the information would make it misleading.
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