Get A Move On! Senior SEC Official Expresses Frustration At Dodd-Frank Delays In Retail Sector
by
Andrew Saks McLeod
Whilst the CFTC has spent the first half of this year reasonably satisfied with its progress on working toward completion of rulings on the Dodd-Frank Act, one senior SEC official expresses dismay at what he sees as unnecessary delays.
As is bound to be the case with any federal implementation of highly detailed new laws, not every party is going to be satisfied with progress, and in some cases there are polarizations.
Following yesterday's public announcement that the Commodity Futures Trading Commission (CFTC) had reached a satisfactory means of collaborating with jurisdictions outside of the United States on cross-border matters, today one particular senior official at the Securities and Exchange Commission (SEC) has presented a complete dichotomy with his dissenting announcement late during yesterday's business day.
Luis Aguilar, a Democratic SEC commissioner, yesterday explained his dismay at the length of time it is taking to haul the regulatory structure into compliance with most aspects of the Dodd-Frank Act, and that his opinion on the process is that "the SEC should stop dragging its feet and adopt rules to protect mom-and-pop investors from risks arising from trading in off-exchange foreign currency contracts".
Slow Progress A Cause For Concern
According to Reuters, Mr. Aguilar went on to explain that "it is simply not acceptable for the Commission to continue to delay the fact-finding and decision-making process."
"Though retail Forex transactions may provide benefits, they can pose great risks to investors" is Mr. Aguilar's opinion.
Speaking Out Amid Frustration
Mr. Aguilar said he was frustrated at the SEC's decision to postpone until July 2016 the rule-making on retail forex required by the 2010 Dodd-Frank Wall Street reform law. There are still around 100 laws mandated by the Dodd-Frank Act which the SEC still has to work through, despite this month being the end of the third year since President Barack Obama swore the Dodd-Frank Act into US law.
Mr Aguilar further explained that the SEC now expects the Financial Industry Regulatory Authority, the self-regulator for the brokerage industry, to take the lead on rule-making for retail forex, in addition to the steps made so far by the CFTC.
"It is my expectation that the Commission and the SEC staff will work in earnest to assess this market and either adopt new rules that accomplish Congress' intent or allow the law to go into effect" he concluded.
The SEC is not alone in this matter, as firms and regulatory authorities alike not only work toward implementing the entire reformation of the financial industry in North America, but also work internationally to ensure that electronically traded OTC products such as FX are standardized and conform.
As is bound to be the case with any federal implementation of highly detailed new laws, not every party is going to be satisfied with progress, and in some cases there are polarizations.
Following yesterday's public announcement that the Commodity Futures Trading Commission (CFTC) had reached a satisfactory means of collaborating with jurisdictions outside of the United States on cross-border matters, today one particular senior official at the Securities and Exchange Commission (SEC) has presented a complete dichotomy with his dissenting announcement late during yesterday's business day.
Luis Aguilar, a Democratic SEC commissioner, yesterday explained his dismay at the length of time it is taking to haul the regulatory structure into compliance with most aspects of the Dodd-Frank Act, and that his opinion on the process is that "the SEC should stop dragging its feet and adopt rules to protect mom-and-pop investors from risks arising from trading in off-exchange foreign currency contracts".
Slow Progress A Cause For Concern
According to Reuters, Mr. Aguilar went on to explain that "it is simply not acceptable for the Commission to continue to delay the fact-finding and decision-making process."
"Though retail Forex transactions may provide benefits, they can pose great risks to investors" is Mr. Aguilar's opinion.
Speaking Out Amid Frustration
Mr. Aguilar said he was frustrated at the SEC's decision to postpone until July 2016 the rule-making on retail forex required by the 2010 Dodd-Frank Wall Street reform law. There are still around 100 laws mandated by the Dodd-Frank Act which the SEC still has to work through, despite this month being the end of the third year since President Barack Obama swore the Dodd-Frank Act into US law.
Mr Aguilar further explained that the SEC now expects the Financial Industry Regulatory Authority, the self-regulator for the brokerage industry, to take the lead on rule-making for retail forex, in addition to the steps made so far by the CFTC.
"It is my expectation that the Commission and the SEC staff will work in earnest to assess this market and either adopt new rules that accomplish Congress' intent or allow the law to go into effect" he concluded.
The SEC is not alone in this matter, as firms and regulatory authorities alike not only work toward implementing the entire reformation of the financial industry in North America, but also work internationally to ensure that electronically traded OTC products such as FX are standardized and conform.
Devexperts Checks Off Type 2 SOC 2 Audit for Enhanced Data Security
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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