BigT1
Sergeant Major
- Messages
- 951
{Ed: Edited spelling and English grammar for the benefit of all}
Greetings to all, Could someone please explain the NFA rules with regard to customer notification . . .
Is the article I read here correct?
Thank's in advance
Hello hazarder,
You raise a good point, in that many traders and investors don't know where to begin to get accurate information; and often rely on hearsay and misinformation to guide their decisions.
Things are changing fast, and the burden is upon you to keep up with change.
.
I have attached here the latest reference document published by the NFA that currently controls NFA Regulated Forex Firms in their dealings with clients.
It is written in plain English for both dealers and the public to understand. Please refer to it, and translate it into your native language to address any and all questions regarding the rules for NFA regulated firms. Anything else you read or see on the web that disagrees with it is pure rubbish.
View attachment forex-regulatory-guide.pdf
.
This guide is regularly updated by the NFA, and is always located right here for all to download:
http://www.nfa.futures.org/NFA-compliance/publication-library/forex-regulatory-guide.pdf
.
The latest NFA News Releases that may affect this guide in the near future are also made available right here:
National Futures Association | News Center
.
You should also investigate the regulatory history of any NFA Registered Entity (like any broker or advisor) right here:
BASIC Search
.
You can file a complaint against any regulated entity right here:
http://www.nfa.futures.org/basicnet/Complaint.aspx
.
If you have a complaint, do the following:
1 - Search your heart and reconfirm you earnestly believe yourself to be on solid ground. If so, collect all emails, statements, and documents you believe support your claim.
2 - File your complaint accurately stating your case, and fully document it. Do so as quickly and simply as possible in plain language, without prejudice or exaggeration.
3 - Await your reply.
You will definitely find an open ear and an endeavor to provide justice and eventual relief, whenever your claim has merit and you have communicated it fairly and accurately.
Elsewise; you will receive a very good explanation, should it not.
.
Commentary:
In today's markets the NFA may rightly appear inept, overwhelmed, overworked. It is certainly under-funded, and intentionally scape-goated by Congress and the CFTC. However, even as a regulated entity myself, I believe at its core the NFA is composed of well-meaning individuals; human regulators with hearts and minds who are honorable, well-intentioned, and dedicated to properly managing this often very dispicable clientele who behave irreverantly and in such a wildly self-interested manner within this taxing financial environment that they should be shot at dawn.
.
In the near future, a few at the NFA will be surely and gleefully sacrificed; accorded no mercy at the hands of superiors themselves blatantly beholdant to the gaggle of wantonly depraved, pandering, corrupt, complicit, trough-eating, pig-snorting politicians.
In some cases this might be well deserved in retribution for the absolutely astounding failures of oversight at PFG, at Madoff, Enron, Worldcom, and a dozen other frauds I could mention.
.
However, in general; a career in "Regulation" is truly a thankless job.
There are only 4 possible outcomes regardless of personal merit:
1 - Done well in good times, nobody at all notices; your firm's managment tolerates you as a cost of doing business. You are sent packing with a dribble of a salary and a pat on the back.
2 - Done poorly in good times you might survive without reprimand, but you are highly suspect. You are sent packing with a dribble of a salary, and no pat on the back.
3 - Done well in bad times, you reveal the weaknesses in your environment, and become hated by all. You are paid, barely tolerated, and despised by all.
4 - Done badly in bad times, you are soon hung by your feet from a lamp post after being blamed for the very predictable results explicitly requested by society as a whole, years in advance.
In my personal opinion we are currently lingering somewhere between condition 3 and 4 (August 2012).
No wonder these seats in government, and in the private sector as well, are hard to fill.
.
Anthony Ingrassia, CTA
NFA ID#: 0278164
Last edited: