FX regulation around the world
Felix Shipkevichis a Principal at Shipkevich PLLC
The 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.
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