The Securities and Exchange Commission July 11 extended for three years an interim final temporary rule that will allow registered broker-dealers to engage in retail foreign exchange transactions.
Interim Rule 15b12-1T under the 1934 Securities Exchange Act provides that registered broker-dealers may engage in such business if they comply with 1934 Securities Exchange Act requirements and applicable self-regulatory organization rules, was slated to lapse July 16. It now will expire July 16, 2016.
In a release, the agency said extending the rule “provides an additional opportunity for the Commission to assess the market for retail forex and determine whether to issue more targeted rules for retail forex, to consider any rules that an SRO may develop regarding its members' retail forex activities, to consider whether to take action to extend the rule, or have the rule expire.”
“To that end,” the SEC added, its staff periodically will consult with Financial Industry Regulatory Authority “to discuss and obtain additional information about the retail forex marketplace.”
The interim rule would have expired July 16, 2012, but last year the commission extended the rule to July 16, 2013.
At the time the rule first was adopted, Commissioner Luis Aguilar said he agreed to support the interim rule on the condition that the SEC Office of Investor Education and Advocacy issue an alert warning investors about the risks and conflicts inherent in over-the-counter forex transactions.
With the latest extension, however, Aguilar termed it “simply not acceptable for the Commission to continue to delay the fact-finding and decision-making process.” In a statement, he said “any further delay will only serve to heighten, rather than lessen, investor harm.”
To see the SEC release, http://www.sec.gov/rules/final/2013/34-69964.pdf. To see Aguilar's statement, go to http://www.sec.gov/news/speech/2013/spch071113laa.htm.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)