Greater role for dealers in FX fraud prevention
The new regulations, effective from December 1 this year, are intended to help protect investors in retail FX futures and options from fraudulent practices, by closing a loophole in the Commodity Futures Modernization Act 2000. Although the act gave the CFTC the authority to bring cases against unregistered entities selling off-exchange FX futures and options to retail clients illegally, it does not prevent unregistered individuals soliciting retail investors when a futures commission merchant
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