Time Running Out On Retail Currency Business For SEC-Registered Broker-Dealers.

Mondaq Business Briefing › Nbr. 2011, January 2011

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Time Running Out On Retail Currency Business For SEC-Registered Broker-Dealers.

As things currently stand, on July 16, when the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act)1 becomes effective, Securities and Exchange Commission (SEC)- registered broker-dealers (BDs) will no longer be able to enter into many types of foreign currency transactions for their retail customers. Although the law is not entirely clear, there is even a question as to whether BDs may purchase foreign currency for retail customers in connection with foreign securities trades if the settlement date for the currency transaction exten...

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