Part III. Forex Scam - Emergency Call. Pipruit: Good morning, sir. You know, recently I’ve re-read the previous part and caught the thought that I know nothing about regulators and what to do if something bad ever happens. Commander in Pips: Right, let’s shed some lights on this question. CFTC is the Commodity Futures Trading Commission. It was founded in 1974 started its functioning in 1975 and its major task was to protect and to serve individuals in trading on futures and commodities markets. While almost at the same time currency futures were initiated, CFTC has become responsible for them as well. By the way, we already have discussed the CFTC when talked about the COT report, remember? The CFTC is responsible for that, since traders provide reports to CFTC. Since its foundation, the CFTC changed many times and developed as any other government authority. According to “West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. (All rights reserved)”: The CFTC consists of five commissioners who are appointed by the president with the advice and consent of the Senate. The commissioners serve staggered five-year terms and by law no more than three commissioners can belong to the same political party. One commissioner is designated by the president to serve as chairperson. The chair's staff includes the Office of the Inspector General and the Office of International Affairs. To comply with the requirements of the Modernization Act, the commission underwent a restructuring in 2002. As a result, it consists of six major operating units: the Division of Clearing and Intermediary Oversight, the Division of Market Oversight, the Division of Enforcement, the Office of the Chief Economist, the Office of the General Counsel, and the Office of the Executive Director.