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Forex laws

Опубликовано в Forex diversification is | Октябрь 2, 2012

forex laws

LAW ON FOREIGN EXCHANGE OPERATIONS. 1. GENERAL PROVISIONS. Subject. Article 1. This Act shall regulate: 1. current and capital transactions and their. Forex market regulation refers to the rules and laws that firms operating in the forex industry must follow. But regulation is more than just having rules. Repatriation of investment funds and repayment of overseas loans can be remitted upon submission of supporting documents to an authorized bank. FOREX UNDER MANAGEMENT As we are. The Mustang is tool requires low ever ever thought. Volumouse Control the one with the clients with BMC source code provided line by using.

An FDM may not, however, decrease the required security deposit amount below the highest minimum security deposit amount as applicable to a particular currency under NFA Financial Requirements Section Additionally, an FDM is prohibited from acting as a counterparty to an ECP acting as a dealer unless that dealer [2] collects and maintains from its customers and ECP counterparties security deposit amounts for forex equal or greater to the amounts required by NFA Financial Requirements Section If the currency pair includes currencies with different security deposit requirements, the Member must collect the higher percentage amount.

Therefore, if the transaction pairs the U. For short options, the FDM must collect the security deposit plus the premium the customer received. For long options, the FDM must simply collect the entire premium from the customer. The FDM must calculate the security deposit when the positions are initiated and at least daily thereafter. The firm must make this daily calculation while customer positions are open. In other words, your firm may not calculate the security deposit while the positions are being rolled over if your firm treats its customers as flat during that period.

NFA requirements, however, do not prohibit FDMs from computing security deposits more than once a day. An FDM must collect additional security deposits from a retail forex customer, or liquidate the customer's positions, if the amount of the customer's security deposits maintained with the FCM is not sufficient to meet the requirements set forth above. See 2 c 2 D of the Act for a description of retail commodity transactions.

Minimum financial requirements help protect customers and market participants by requiring Members to maintain enough capital to remain solvent and meet their financial obligations. An affiliate is any person that controls, is controlled by, or is under common control with the FDM. An unregulated person is defined as any person that is not one of the following:. An FDM may not consider offsetting currency transactions or positions executed with or held by or through an affiliate or unregulated person for purposes of determining net currency positions and the required capital deductions under CFTC Regulation 1.

CFTC Regulation 1. Your firm's financial statements must be prepared according to generally accepted accounting principles GAAP. An independent public accountant must certify the financial statement prepared as of the firm's fiscal year end. Although the Form 1-FR contains a number of different financial statements, only the applicable statements need to be prepared for each filing.

The instructions for the Form 1-FR generally say where to classify items on the form. As a result, the form does not clearly indicate how to account for some items related to the forex activities of FDMs. FDMs should account for their forex activities on the Form 1-FR form as follows: On the asset side of the balance sheet, funds received from customers for forex transactions should be classified as "Retail Forex Aggregate Assets.

FDMs must take a capital charge on all uncovered proprietary positions, although the firm may net on-exchange and off-exchange positions when determining the firm's uncovered position. Uncovered off-exchange proprietary positions are subject to a haircut charge that depends on the underlying currency. When calculating its net position, your firm may include foreign currency held in deposit, investment, or trading accounts at banks, FCMs, broker-dealers, and similar entities if the following conditions are met:.

An FDM, however, may not include positions at an affiliate or an unregulated person when calculating its net position for purposes of the capital charge. Proceeds from subordinated loan agreements may be included in the firm's capital if the agreement meets the requirements in CFTC Regulation 1.

The firm must submit a signed copy of the agreement to its DSRO at least 10 days prior to the proposed effective date. A subordination agreement must include the name and address of the lender, state the business relationship of the lender to the firm, and indicate whether the firm carried funds or securities for the lender at or about the time firm files the proposed agreement. If a lender contributes 10 percent or more of the firm's capital, then the firm must list the lender as a principal.

The Member must also submit amendments to existing subordination agreements to its DSRO for approval. You can obtain copies of these agreements from NFA's website. To calculate the amount owed, add up the net liquidating values of each forex account that liquidates to a positive number, using the fair market value for each asset other than open positions and the current market value for open positions.

This signed agreement must be filed with NFA. The qualifying institution must comply with this request in order to be deemed an acceptable qualifying institution to hold assets covering an FDM's liabilities to retail forex customers.

Any FDM funds that are not held in a qualifying institution as noted may not be considered as part of assets covering liabilities to forex customers. FDMs are required to prepare and maintain ledgers or other similar records that summarize each transaction affecting the Member's assets, liability, income, expense and capital accounts and include appropriate references to supporting documents. Generally, the firm's records would include basic accounting documents such as a General Ledger and a Cash Receipts and Disbursements Journal.

In order to demonstrate compliance with the capital requirements, an FDM should make and maintain daily records showing the transactions executed that day and their effect on the firm's obligations to its customers. The record of daily trades should show, at a minimum, the date, time, currency pair, price, and size of each transaction; commissions and fees; and the person for whom the transaction was made.

For options, the record should include whether the option is a put or a call, the strike price, the delta, and the premium. The record of obligations to customers should include the gross profits and the gross losses to customers, the firm's open currency exposures to customers, the sum of the customers' cash balances, and the net liquidating value of all customer accounts combined. The individuals responsible for preparing an FDM's books and records must be under the ultimate supervision of a listed principal and registered AP of the Member.

Such principal is also responsible for researching and selecting the independent public accountant that certifies the firm's annual financial statements. The FDM must demonstrate that its system of internal controls provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. The FDM must also demonstrate that its system of internal financial controls has no material weaknesses and that it is adequate for establishing and maintaining internal controls over financial reporting by the Member.

An FDM may satisfy this obligation by obtaining an internal control report that is prepared and certified by an independent public accountant who is registered under Section of the Sarbanes-Oxley Act SOX. The internal control report shall contain, at a minimum, a detailed explanation of the examination performed by the accountant and a representation by the accountant that it has examined and tested the FDM's system of internal controls and that the controls comply with the above standards.

If NFA believes that a Member's internal controls are inadequate at any time, NFA's Compliance department may require it to provide to NFA an internal control report that is prepared and certified by an independent public accountant who is registered under Section of the SOX.

The internal control report shall meet the above standards. Each FDM must be able to properly account for all funds received from and owed to customers. FDMs should prepare a daily computation showing the total amount of customer funds on deposit, the total amount of customer open positions, and the total amount due to customers. The firm must file with NFA three report types: daily electronic reports showing liabilities to customers and other financial and operational information; monthly operational and risk management reports; and quarterly reports that contain the most-recent performance disclosures required under CFTC Regulation 5.

The daily reports must be prepared each business day, and must be filed by noon on the following business day. The monthly reports must be filed within 17 business days after the end of each month for which the report is prepared. Similarly, the quarterly reports must be filed within 17 business days after the end of each quarter for which the report is prepared.

Submitting these reports certifies that the person filing it is a supervisory employee that is, or is under the ultimate supervision of, a listed principal who is also an NFA Associate, is duly authorized to bind the FDM, and that all information in the report is true, correct, and complete. Each FDM is required to establish, maintain and enforce a Risk Management Program designed to monitor and manage the risks associated with their forex activities.

Each FDM must have a supervisory system in place to ensure that the Risk Management Program is being diligently followed by all appropriate personnel. Each FDM must adopt written policies and procedures that describe the risk management program and those policies and procedures must be approved in writing by the firm's governing body.

The firm must also ensure that any materials changes to the policies and procedures are approved in writing by the firm's governing body. The Risk Management Program must include procedures for the timely distribution of the written Risk Management Program to relevant supervisory personnel.

The FDM is required to maintain records of the persons whom the Risk Management Program is distributed to along with the date of distribution. The RMU must have sufficient authority; qualified personnel; and financial, operational and other resources to carry out the firm's Risk Management Program. The RMU should report directly to the firm's senior management, and must be independent from those employees involved including in a supervisory capacity in pricing, trading, sales, marketing, advertising, and solicitation activities of the FDM collectively business trading unit.

The RMU also must provide to FDM senior management and its governing body quarterly written risk exposure reports, which set forth all applicable risk exposures of the FDM, breaches of any established risk limits, any recommended or completed changes to the Risk Management Program, the recommended time frame for implementing recommended changes; and the status of any incomplete implementation of previously recommended changes to the Risk Management Program.

An FDM must also immediately provide senior management and its governing body with an interim risk exposure report any time the FDM detects a material change in its risk exposure. The Risk Management Program must include policies and procedures to monitor and manage the following risks: market risk, credit risk, liquidity risk, foreign currency risk, legal risk, operational risk, counterparty risk, liabilities to retail forex customers risk, technological risk, capital risk, and any other applicable risk.

The Risk Management Program must set risk tolerance limits for each of these risks. The Risk Management Program must discuss the underlying methodology used in setting these limits; as well as any policies and procedures governing exceptions to these limits and detecting and reporting breaches to appropriate management. Each FDM's senior management on a quarterly basis and governing body on an annual basis should review and approve the risk tolerance limits.

The FDM's RMU must require the FDM to conduct stress tests under extreme but plausible conditions of all positions in the proprietary account and in each counterparty account both retail customers and ECPs at least on a semi-monthly basis. The review and testing should be conducted by qualified internal audit staff that are independent of the business trading unit, or by a qualified third party audit service, which reports to FDM staff that are independent of the business trading unit.

The review must include an analysis of adherence to, and the effectiveness of, the risk management policies and procedures, and any recommendations for modifications to the Risk Management Program. The results of the review must be reported to and reviewed by the FDM's senior management and governing body. The FDM must document all internal and external reviews, and testing of the Risk Management Program including the date of the review or test; the results; any identified deficiencies; the corrective action taken; and the date the corrective action was taken.

The FDM must maintain copies of all written policies and procedures, changes to the policies and procedures and all required approvals for the period required by CFTC Regulation 1. Each FDM must make the following information available on its website and must update the information as necessary to keep it accurate but at least on an annual basis:.

Federal law imposes significant anti-money laundering AML requirements on financial institutions, including Members. Members must establish and implement policies, procedures, and internal controls reasonably designed to assure compliance with AML provisions of the Bank Secrecy Act BSA and related regulations.

A firm's procedures must cover these key areas:. The AML program must include procedures to obtain information about the customer and to verify their identity. Unlike NFA's "know your customer" requirements, these requirements apply to all customers, not just individuals. A Member must obtain the following minimum information before it transacts business e. In addition to obtaining this minimum information, the Member must take steps to verify the customer's identity. You do not have to verify the customer's identity before transacting business with the customer but must do so within a reasonable time before or after the first business transaction.

The procedures for verifying the customer's identity should:. If a Member cannot identify a customer that is not an individual using its normal procedures, the Member may need to obtain information about the individual with authority or control over the account. Your firm's customer identification procedures should describe those situations where the firm will obtain this information. Members are not required to determine whether a document used to verify identity is valid.

If a document appears to be a forgery or there is other evidence of fraud, however, your firm must decide whether it has enough information to form a reasonable belief that it knows the customer's true identity. The same is true if the information provided by the customer is inconsistent e. A Member may rely on another U. The law provides a safe harbor if the BSA requires the other financial institution to have an AML program, that financial institution enters into a contract with the Member agreeing to annually certify that it has implemented an AML program and will perform the required steps, and reliance is reasonable under the circumstances.

Your firm's procedures must describe any circumstances where it will rely on another financial institution. Although the safe harbor does not apply unless all of the above conditions are satisfied, firms may also choose to rely on U. Your firm should conduct a risk-based analysis before relying on those institutions. A Member's AML program must include written procedures that are reasonably designed to identify and verify beneficial owners of legal entity customers for which a new account is opened.

Although the number of beneficial owners for each legal entity customer may vary, each FCM and IB is required to identify at least one beneficial owner under the control prong test. A Member's AML program must also include systems and procedures designed to detect and report suspicious activity, such as transactions that do not appear to have a business or other lawful purpose, that are unusual for the customer, or that cannot be reasonably explained.

Your firm and appropriate personnel should know the nature of the customer's business and the customer's purpose in entering into the transactions. Your firm should also provide employees with examples of activities that raise red flags. Each firm's AML program must require employees to promptly notify specified firm personnel of potentially suspicious activity. Members are not expected to update customer information on a continuous basis, rather Members should update customer information when they detect information relevant to assessing the risk of a customer relationship during the course of their normal monitoring.

A Member's procedures should describe its policies for ensuring that employees in areas susceptible to money laundering or terrorist financing are properly qualified and trained. Your firm should perform background checks on key employees to screen those employees for criminal and disciplinary histories. The procedures must also describe the firm's recordkeeping policies regarding information and documents obtained during the identification process. Members must keep records of all identifying information obtained from customers, including a copy or detailed description of each document viewed and a description and the results of each non-documentary method used.

Your firm must keep records of the information obtained from customers for five years after the account is closed and of the information used to verify identify for five years after those records are made. Each Member must designate a qualified individual or individuals to monitor the firm's day-to-day compliance with its AML program. For example, a firm with a full-time compliance officer could designate that compliance officer. The designated individual may not be involved in any functional areas where money laundering or terrorist financing could occur and must ultimately report to senior management.

Members must provide ongoing training to employees who are involved in areas where money laundering or terrorist financing could occur. These employees should receive annual or more frequent training on their firm's policies and procedures, federal laws and NFA requirements. Your firm should maintain records to show it has met this training requirement.

A Member's AML program must be audited at least annually. The audit may be conducted by internal audit staff or other internal employees if the employees conducting the audit do not have other AML responsibilities, are not involved in areas where money laundering or terrorist financing could occur, and are independent of staff with these responsibilities or involved in these areas e.

In the alternative, the Member may hire an independent outside party with experience in this type of auditing. The audit staff or outside auditor should document the audit and report the results of the audit to the firm's senior management or to an internal audit committee or department. If the audit reveals any deficiencies, the audit staff, outside auditor, senior management, or internal committee or department should follow up to ensure that the firm has addressed and corrected those deficiencies.

Under NFA Compliance Rule , an FDM that executes a bulk assignment or liquidation of customer positions or a bulk transfer of customer accounts must follow certain procedures to ensure that its customers and NFA have sufficient information and notice of the assignment, liquidation, or transfer.

Your firm may not assign open positions to an entity that is not an authorized counterparty. Other reasons for rejecting a proposed assignee are that the proposed assignee will not cooperate with your investigation, you cannot obtain adequate and reliable information, or you have any other reason to question the assignee's motives or financial standing.

Members must also obtain each customer's written consent or provide each customer with a notice of the assignment or transfer. The notice must give the reason for the assignment or transfer e. The notice must also at a minimum :. The notice must also include any other material information.

For example, if customer positions are being assigned to a firm that is not an NFA Member, the notice must include the disclosure language prescribed in the Interpretive Notice. A Member should notify NFA's Compliance department of the proposed assignment or transfer as early as possible. Your firm must send NFA a copy of the customer notice before sending it to customers.

If an FDM or an IB obtains customer positions or credit balances as assignee, it may not accept orders initiating new positions until it has obtained personal and financial information from the customer and provided the disclosures required under NFA and CFTC regulations discussed above. If the assignor is also an FDM or an IB, however, your firm may obtain the necessary customer information from the assignor. Prior to any bulk liquidation of customer positions the FDM must notify NFA and either obtain the express written consent of its customers or provide them with prior notice.

The customer notice must be provided to NFA before it is sent to the customers and must at a minimum :. These requirements are only applicable for bulk liquidations and not when a customer's position is being liquidated due to a lack of margin funds. Prior to the transaction, the FDM must provide:. All Members must comply with the federal privacy laws and NFA's business continuity and disaster recovery requirements. The CFTC's regulations restrict a Member's right to disclose non-public, personally identifiable financial information about customers and other consumers.

These restrictions only apply to information about individuals who obtain financial products or services from the Member primarily for personal, family, or household purposes. Members must have policies and procedures that describe their administrative, technical, and physical safeguards for protecting customer records and information.

The procedures should also address the Member's policies for disclosing non-public, personally identifiable financial information and for notifying customers of those policies. A Member must provide a customer with a privacy notice when the customer first establishes a relationship with the Member and annually after that.

Your firm must also notify other consumers of its privacy policies before disclosing non-public personal information about those consumers. Every Member must provide a privacy notice that identifies the categories of non-public personal information the Member collects and describes the Member's policies and procedures for protecting that information. If your firm does not disclose non-public personal information to non-affiliated third parties, or does so in very limited circumstances, the only additional information you must include in the privacy notice is a statement that the firm shares non-public personal information with third parties as permitted by law.

CFTC Regulations describe the limited circumstances where Members may disclose the information without having to provide a more detailed privacy notice e. If your firm discloses non-public personal information to non-affiliated third parties for other reasons, the notice must inform the customer that the firm discloses or reserves the right to disclose non-public personal information to non-affiliated third parties and that the customer has the right to opt out of that disclosure.

The notice must identify the categories of non-public personal information that your firm discloses and the categories of affiliates and non-affiliates that your firm will disclose the information to. The notice must inform the customer that it may opt out of the disclosure and must provide a reasonable means for the customer to exercise its opt-out right. Members must provide amended privacy and opt-out notices before disclosing information to unaffiliated third parties if either the information or the third party does not fall within a previously identified category.

All privacy and opt-out notices should be in writing. Members may deliver these notices electronically if the customer agrees. Each Member must establish and maintain a written business continuity and disaster recovery plan. The plan must be reasonably designed to enable the Member to continue operating, to reestablish operations, or to transfer its business with minimal disruption.

Each Member must update its plan when necessary and must periodically review the plan and keep a record of the review. Your firm should distribute and explain the plan to key employees, communicate the essential parts of the plan to all employees, and maintain copies of the plan at one or more off-site locations that are readily accessible to key employees. As part of their supervisory responsibilities, Member must review on a yearly basis NFA's Self-Examination Questionnaire including the general questionnaire as well as the applicable supplemental questionnaires.

The questionnaire must be reviewed by the appropriate supervisory personnel in the home and branch office, if applicable. An appropriate supervisory personnel must sign the questionnaire stating that the Members' operations have been evaluated based on the questionnaire and give attestation that the Members' procedures comply with all applicable NFA requirements. Review the Self-Examination Questionnaire for more information. Before going on, you should understand: Customer is any party to a forex trade who is not an eligible contract participant as defined in the Act.

Forex Transactions are leveraged off-exchange foreign currency transactions where one party is a customer as defined in the previous bullet , except that the term does not include transactions that result in actual delivery within two days or that create an enforceable obligation to deliver between parties who are capable of making and taking delivery for business purposes.

NFA's forex requirements apply to all Members that engage in forex activities with customers. This Guide should help our Members who are subject to NFA's forex requirements understand those requirements. This Guide does not, however, include every requirement that may apply and does not deal with every detail of the requirements it does include.

In addition to this Guide, you should read NFA's rules and interpretive notices and the CFTC's regulations, interpretive notices and letters regarding forex transactions. Counterparties A firm may not act as a counterparty, or offer to act as a counterparty, to any forex transaction unless the firm is one of the regulated entities listed in the CEA.

These entities authorized counterparties are: U. Introducing Entities Except for otherwise regulated U. Account Managers Except for otherwise regulated U. The forex should be make a strong laws for this so that people are not disturb the laws. Even with my level of knowledge still cant believe how they fleeced me, compared to what I have been reading about people who have lost more.

Iqoptions has to be the worst and how they can lie is unbelievable making me loose my hard earned k USD was astonishing. After a year constant turmoil I was able to recover my full investment from Iqoptions so much thanks and gratitude Geminihacks -. If you lost money trading Binary options reach out to Geminihacks -. You must be logged in to post a comment. Common laws and regulations Image: Pixabay. If they do not, you could be trading illegally.

Each licensed forex dealer or broker must accept periodic reviews and audits of its operations to ensure it strictly adheres to national regulations and industry standards. The law states that forex brokers must honor their contracts with each trading client.

Failure to comply can lead to their license being revoked. All forex brokers and platforms must comply with fair representation legislation, clearly disclosing all potential risks involved with forex trading. Any forex broker that promises you will make a profit should be left well alone. Most Recent. By Lawyer Monthly Last updated Jun 19, 9. You might also like More from author.

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Forex laws forex credit

August revisions: Updated to include reference to Notice to Members I in the Security Deposits section of the guide.

Binary options strategy h4 The record of daily trades should show, at a minimum, the date, time, currency pair, price, and size of each transaction; forex laws and fees; and the person for whom the transaction was made. Finally, promotional materials may never guarantee against loss. Forex regulation is a system of checks that have been put in place to ensure that the forex forex laws is a safe place to be. The customer notice must be provided to NFA before it is sent to the customers and must at a minimum : provide the reason for the liquidation; inform the customer that as of a particular date not less than seven day after the date of the notice the FDM will liquidate all open positions and close the customer's account; and include the name and contact information of an individual at the FDM to contact with questions regarding the liquidation. CFTC Regulation 1.
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