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Federal Reserve Press Release

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Federal Reserve Press Release Empty Federal Reserve Press Release

Post by Guest Fri Apr 05, 2013 11:07 am

Press Release




Release Date: April 4, 2013 For immediate release


The Federal Reserve Board on Thursday announced the finalization of standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers.



The rule, issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, establishes requirements for risk disclosures to customers, recordkeeping, business conduct, and documentation for retail foreign exchange transactions. Regulated institutions engaging in such transactions will be required to notify the Federal Reserve and to be well capitalized. They will also be required to collect margin for retail foreign exchange transactions.

The types of transactions covered by the rule include foreign exchange transactions that are futures or options on futures, over-the-counter options on foreign currency, and so-called rolling spot transactions. The rule covers entities regulated by the Federal Reserve including state-chartered banks that are members of the Federal Reserve System, bank and savings and loan holding companies, Edge Act and agreement corporations, and uninsured, state-licensed branches and agencies of foreign banks.

The Federal Reserve consulted with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation in developing the rule. The agencies have engaged in separate rulemakings as specified by Dodd-Frank.

The rule will be effective on May 13, 2013.

For media inquiries, call 202-452-2955.

Attachment (PDF)
2013 Banking and Consumer Regulatory Policy


Last update: April 4, 2013
Link: http://www.federalreserve.gov/newsevents/press/bcreg/20130404a.htm

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Federal Reserve Press Release Empty Re: Federal Reserve Press Release

Post by Guest Fri Apr 05, 2013 11:11 am

Below is the single most important paragraph in the outline of the new regulations. It does not apply to purchases and transactions where the currency is being held by the purchaser.

"First, certain transactions in foreign currency are not "retail forex transactions," and therefore are not subject to the prohibition in section 742(c)(2) of the Dodd-Frank Act. For example, a "spot" forex transaction where one currency is bought for another and the two currencies are exchanged within two days is not a "future" and would not meet the definition of a "retail forex transaction," since actual delivery occurs as soon as practicable."
from:
Attachment (PDF)

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Federal Reserve Press Release Empty Re: Federal Reserve Press Release

Post by Guest Fri Apr 05, 2013 11:59 am

AJ, what exactly does this mean for our investment?

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Post by Guest Fri Apr 05, 2013 12:31 pm

punisher wrote:AJ, what exactly does this mean for our investment?
Nothing! These new laws pretain to forex trading by banks. So, if you decide to invest after cashin in the forex market through a bank they just have to give disclosures and keep records.

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Post by Guest Fri Apr 05, 2013 1:35 pm

Ok. Figured it didn't mean too much directly.

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