e-Forex Magazine | Regulatory Roundup | FX regulation around the world
Regulatory Roundup : FX regulation around the world
First Published in e-Forex Magazine July 2012
Felix Shipkevich
is a Principal at Shipkevich PLLCThe past year has seen a great deal of change in the area of international Forex compliance. Although four years have passed since the Dodd-Frank Act became law, its repercussions continue to be felt. By the time the CFTC announced in May that it was extending relief for the second year in a row (with one commissioner expressing doubt that even the newly revised schedule was feasible), it was clear that real regulatory clarity was still a long way off.
Although much of the Dodd-Frank rulemaking focused on derivatives rather than Forex, currency traders were also affected by the stricter regulatory environment brought about by Dodd-Frank. With the CFTC still barely halfway through finalizing the fifty-odd rules it is required to create by the Dodd-Frank Act, it would be foolish to predict whether industry groups or pro-regulation advocates will win any individual battle. In light of the CFTC's weighty summer and fall calendar, however, the end of the year should bring much greater certainty about the rulemaking and its effects on Forex.
