Forex Registration
Gone are the days when the days when all the investment managers could enjoyed unregulated trading sessions, for with the introduction of Farm Bill (2008) it has become mandatory for all the firms acting as investment brokers to get registered with CFTC (Commodities Futures Trading Commission).
While CFTC will be responsible for drafting the forex registration rules and regulations, the implementation and compliance to these rules will be overseen by National Futures Association. The rules for forex registration are still in the development stage though they are bound to be similar to Form 7-A and Form 8-R that are currently filled by broker firms and owners respectively.
Besides the filling up of form, all the forex introducing brokers also have to clear a regulatory exam known as Series 34 comprising of 5 sections. Financial Industry Regulatory Agency will be monitoring these exams. Forex registration process is bound to make the auditing of forex trading easier.
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