Extraterritorial power of the Dodd-Frank Fin. Reg. Bill

Great article in deed, I came across this information ( immigrants forced to pay half their saving in order to leave the US, and citizens too) about a year ago and I have never forgot about it. It is sickening and especially if you were an immigrant that came to the US and had intentions to save all your hard earned $ then go back to your country to retire. You will be going back with far less. Of course this information wasn't circulated enough and most won't realize this law until it is too late..

After 9-11, laws were passed to control and eliminate Offshore accounts as they say, " it's organized crime, and drug dealers" that use these commonwealth countries as a scapegoat for tax invasion, illegal activities and money laundering. ... It's honestly, the developed nations trying to over power the developing nations. IBC and offshore accounts are a vital source for economic stability for these developing nations and now Developed nations want to control and eliminate higher yield Banking.

And now CFTC joins forces with IRS. lol. WTF AMERICA.

America died 100 yrs ago.

....

Take a look at this:
http://blogs.fxstreet.com/francesc/2...pt-us-clients/

Francesc's blog is pretty reliable.

I think Now it’s really the time for U.S. retail traders to unite as one to protect our freedom of choice in this matter and any further interest conflicting with dealers or regulators.

The large U.S. brokers have done marvelously to save their own neck this past spring. They responded quickly by setting up FXDC to combine bargain power and mobilized individual traders to send comments. Now they successfully won the battle by capping leverage at 50:1 instead of 10:1 and banning U.S. traders doing business with overseas brokers if what IBFX claimed to be true. In what world does CFTC or NFA think they are doing a better job than ASIC and FSA?

Do we still believe U.S. regulators are knowledgeable and reasonable enough to protect our retail traders’ interest? Probably not. Do we still think largest U.S. brokers and traders have common interest? Not on every aspect. If we as traders can truly count on both of them, segregated accounts and insurance of our trading money would have become mandatory long time ago.

U.S. traders had a good experience, just look at how powerful the combined power was this spring. We really need a traders’ coalition just like the FXDC for the dealers, otherwise, the regulatory power and broker’s coalition will always be left unchecked and issues will keep emerging either from regulators’ incompetency or conflicts of interest with dealers.

I'm not sure if anyone here has the will and experience to run a non profit organization similar to FXDC. I think there are traders like me who would like to chip in some funds and free time to help. We cann't be free riders anymore and counting on regulators and brokers to watch out for us. Have to speak out.

9/11 is the best thing that ever happened for the American Government, it allowed them under the fear of terrorism to do what ever the hell they liked and also patron-ism.

Bad for the citizens ofcourse, there freedoms and liberty's which the USA preaches at gun point all over the world are being stripped from them.

People are okay on there own, but in a group they suck!!

Join Greentraders Traders Association. They are a Not-for-Profit business trade association for Retail Forex Traders. Only cost $50 and it's a tax-deductible business expense because they qualify as a business trade association. They have done a lot for traders; they have already fought off the Financial Transaction Tax last time and fought hard this time against the 10:1 leverage proposal.

Their link: http://www.greencompany.com/Association/index.shtml, if you are interested.

It's about time we traders UNITE!!!

The CFTC may well take the position that overseas forex intermediaries (brokers) are banned from entering into OTC forex contracts with U.S. based retail investors. This is based on a fairly strict reading of the CEA as amended by Dodd-Frank.

You can refer to this article at http://www.investmentlawgroup.com/cf...orex_rules.htm as a background on some of the terminology and this extraterritoriality issue in general. We will be addressing this issue in depth today on GreenTrader's conference call.

Here's a snippet of the email I sent to Green: I spoke with an attorney at the CFTC Monday who is dealing with these rules. His interpretation was that because of the change to the CEA by Dodd-Frank from "financial institution" to “U.S. financial institution”, overseas forex intermediaries that are not registered as FCMs or RFEDs will not be able to serve as counterparty to U.S.-based retail investors with respect to OTC forex transactions. This would apply to futures and options and futures “look alike” contracts. I say that the enforcement issues are unresolved in our article both because of the practical realities involved in enforcing this rule and because this was just an opinion of one regulator, not of the Agency.

I'll look for more questions on this thread and hope to be helpful as we all try to come to grips with these new rules.

Thanks for your help, Andrew.