Forex Registration
The Commodity Futures Trading Commission (CFTC) has issued final forex rules which become effective on October 18, 2010. Any firm acting as a counterparty to certain retail off-exchange forex transactions is required to register as a Retail Foreign Exchange Dealer (RFED). (Futures Commission Merchants offering forex transactions to its retail customers but acting primarily or substantially as a traditional FCM are exempt from registering as an RFED but must be approved as a Forex Firm and designated as a Forex Dealer Member of NFA.)
In addition, any individual acting as a forex solicitor, account manager and/or pool operator is required to register with the CFTC as Introducing Brokers (IBs), Commodity Trading Advisors (CTAs) or Commodity Pool Operators (CPOs) and become Members of National Futures Association.
National Futures Association (NFA) has prepared this brief summary of the forex registration requirements to give firm and individual applicants a basic understanding of the registration process.
