Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, July 13, 2011

SEC Adopts Interim Rule to Permit Retail Forex Transactions by Brokers

Under section 742(c) of the Dodd-Frank Act, certain foreign exchange transactions with persons who are not “eligible contract participants” (commonly referred to as “retail forex transactions”) with a registered broker or dealer will be prohibited as of July 16, 2011, in the absence of the Commission adopting a rule to allow such transactions under terms and conditions prescribed by the Commission. The Commission is adopting interim final temporary Rule 15b12-1T to allow a registered broker-dealer to engage in a retail forex business until July 16, 2012, provided that the broker-dealer complies with the Securities Exchange Act of 1934, the rules and regulations thereunder, and the rules of the self-regulatory organization(s) of which the broker-dealer isa member, insofar as they are applicable to retail forex transactions.

http://lawprofessors.typepad.com/securities/2011/07/sec-adopts-interim-rule-to-permit-retail-forex-transactions-by-brokers.html

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