Latest topics
Federal Reserve Press Release
Page 1 of 1
Federal Reserve Press Release
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
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
Guest- Guest
Re: Federal Reserve Press Release
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)
"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)
Guest- Guest
Re: Federal Reserve Press Release
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.punisher wrote:AJ, what exactly does this mean for our investment?
Guest- Guest
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Yesterday at 6:02 am by Ditartyn
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Mar 23, 2024 9:25 am by swizzlestick
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej
» The second American Revolution has begun, God Bless Texas
Mon Jan 29, 2024 6:13 pm by kenlej
» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Sun Jan 28, 2024 3:28 pm by Mission1st
» Tucker talking Canada
Wed Jan 24, 2024 6:50 pm by kenlej
» Almost to the end The goodguys are winning
Mon Jan 22, 2024 9:03 pm by kenlej
» Dinar Daily Facebook Page
Mon Jan 22, 2024 3:34 pm by Ponee
» The Fundamentals of Finance and Pimpy Live
Thu Jan 18, 2024 7:17 am by Dinarhater
» Why Won't the Iraqi Dinar Scam Die?
Wed Jan 17, 2024 5:19 pm by RamblerNash