Regulatory Alerts2016-05-26 | 2016-12390Added · Updated
Retail Foreign Exchange Transactions
The Securities and Exchange Commission announces the expiration of Rule 15b12-1, which previously permitted registered broker-dealers to engage in retail foreign exchange transactions. Upon the rule's expiration on July 31, 2016, broker-dealers are prohibited from offering or entering into retail forex transactions with persons who are not eligible contract participants. This prohibition is mandated by Section 2(c)(2)(E) of the Commodity Exchange Act, which excludes such transactions from the CFTC's jurisdiction when the counterparty is a registered broker-dealer.
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