2011年6月18日13:23
到目前為止，我們只收到這個警告來自 Forex.com。我們正在等待，看看哪些其他經銷商告知其客戶交易黃金和白銀在櫃檯上很快就會是違法的。
http://www.zerohedge.com/article/trading-over-counter-gold-and-silver-be-illegal-beginning-july-15
一小步走向行政命令6102第2部分，一個巨大的飛躍 corruptcongressmankind。
來自：FOREX.com
日期：週五，2011年6月17日於下午06:11
主題：重要帳戶的通知回复：金屬交易
為：XXX
重要帳戶的通知回复：金屬交易
我們希望讓你知道一些即將到來的變化 FOREX.com的產品提供。其結果是多德 - 弗蘭克法案由美國國會頒布的新法規，禁止美國居民在櫃檯買賣貴金屬，包括金，銀，將上週五起施行，2011年7月15日。
結合這一新的規定，FOREX.com必須停止為美國居民金屬交易日（星期五），2011年7月15日收盤時的交易在下午5點 ET。因此，所有打開的金屬位置必須關閉的2011年7月15日下午5時 ET。
我們鼓勵您風下您的交易活動，這些產品在未來一個月預期的新規則，因為任何打開 XAU或XAG立場保持開放前2011年7月15號，大約下午5:00 ET將自動清算。
我們真誠地感到遺憾的任何不便遵守與美國新規可能導致您。如果您有任何問題，請隨時聯繫我們的客戶服務團隊。
此致
該小組在FOREX.com
看來，Forex.com的解釋法律的莖主要由第742（一）多德 - 弗蘭克的行為，“禁止任何人[這又包括公司]從訂立，或提供訂立，交易的任何商品一個人是不是一個合格的合同參與者或符合條件的商業實體，在槓桿或保證金的基礎。“
一些對沖基金法從史前博客：
多德 - 弗蘭克華爾街改革與消費者保護法（“法”）已改變了數法在所有的證券的行為，包括美國商品交易法。兩個具體的變化處理某些交易商品的現貨市場。具體地說，該法第742零售商品交易處理。在本節中，文本的商品交易法的修訂，以包括新的第2條（C）（2）（D）（零售商品交易處理）和新第2條（C）（2）（E）（禁止買賣在外匯現貨與零售投資者，除非交易者是受法規由聯邦監管機構，即CFTC，SEC等）。根據國會規則制定的電子表格，這些都是有效的180天之日起頒布。
我們提供了一個新的章節概述，並重印他們充分如下。
新CEA第2條（C）（2）（D） - 關於現貨商品（金屬）
中央進口新CEA第2條（C）（2）（D）是擴大 CFTC的權力相對於商品零售交易。基本上任何現貨商品交易（即現貨金屬）將受到CFTC管轄和規則制定權。有一個豁免商品的實際交付後 28天。儘管 CFTC想要一個豁免哪些商品需要交付在2天，各種錢幣收藏者能夠遊說國會延長交貨期限（見這裡）。
很可能我們將看到CFTC提出這項新條文的規定下，我們會及時向大家發布的任何言論與監管方面的這項新條文。
新CEA第2條（C）（2）（E） - 關於即期外匯
中央進口新CEA第2條（C）（2）（E）是規範即期外匯市場。雖然部分要求完成規定的CFTC就即期外匯（其中較早前建議在一月），它也有趣的是，提供監督的市場，其他聯邦監管機構，如CFTC。這意味著，在未來，不同的市場參與者可能會受到不同的監管制度方面的交易相同的基礎工具。華爾街日報文章論述了影響，這方面的廠商會從事其他活動，除了零售外匯交易。 CFTC的建議符合一定的規則建立參數為零售外匯交易，需要註冊的零售外匯經理等管理人員，並要求通過一項新的監管要求的系列考試 34考試。我們還不知道是否有其他監管機構將採取類似的CFTC規則，或者如果他們將從頭開始編寫規則。
接下來，從亨德森和萊曼：
該禁令的第742（a）不適用，但是，如果這樣的交易結果在實際交貨後 28天，或創建一個強制執行的義務，提供之間的賣方和買方有能力提供，並接受交付，商品在連接線與他們的業務。這可能是問題，因為在大多數現貨金屬交易幾乎所有的合同不能滿足這些要求。因此，雖然法院的解釋第742（a）是未知的，第742（A）很可能有一個顯著的負面影響場外現金貴金屬產業。這裡也一樣，至關重要的是，那些誰願意被對手以場外金屬交易尋求專業幫助，討論可能的業務和管理的應急計劃。
實際的規則語言豁免交易如果“結果在實際交貨後 28天或其他較長時期的委員會可以決定由規則或法規依據的典型的商業慣例，以現金或現貨市場所涉及的商品;”唉，委員會已決定不介入，保持豁免狀態窗口這麼小，影響幾乎所有在交易所交易的黃金和白銀現貨市場。
更多在這裡：
消除OTC外匯
90日生效，從成立以來，多德 - 弗蘭克法案禁止場外零售外匯交易的大部分。第742（C）該法規定如下：
... ...一個人[其中包括公司]不得要約，或訂立的，一個人是不是一個合格的合同參與者，任何協議，合同或交易的外幣除根據規則或法規的聯邦監管機構讓協議，合同或交易的條款及條件下的聯邦監管機構應當規定 ... ...
這一規定將不會生效，但是，如果CFTC或其他符合條件的聯邦機構發出指引，規管有關的外幣在90天的制定。註冊者和公眾正在鼓舞的是，CFTC提供洞察應當如何執行該法。見 CFTC政策制定關於場外衍生工具位於以下網址，根據第XX - 外幣（零售場外）。至關重要的是，OTC外匯交易的參與者尋求專業幫助，討論可能的業務和管理的應急計劃。
消除OTC金屬
至於場外貴金屬如金，銀，第742（A）該法禁止任何人[這又包括公司]從訂立，或提供訂立，交易的任何商品與一個人是不是符合條件的合同參與者或符合條件的商業實體，在槓桿或保證金的基礎。這一規定打算擴大狹窄的所謂“Zelener修復”的農業法案先前在2008年由美國國會批准。該農業法案賦予 CFTC追求反詐騙行動涉及的滾動現貨交易和/或其他槓桿式外匯交易，而不需要證明他們是期貨合約。在多德 - 弗蘭克法案現在這個權力擴大到包括幾乎所有的零售商品市場產品現金，涉及槓桿或保證金 - 換句話說場外貴金屬。
該禁令的第742（a）不適用，但是，如果這樣的交易結果在實際交貨後 28天，或創建一個強制執行的義務，提供之間的賣方和買方有能力提供，並接受交付，商品在連接線與他們的業務。這可能是問題，因為在大多數現貨金屬交易幾乎所有的合同不能滿足這些要求。因此，雖然法院的解釋第742（a）是未知的，第742（A）很可能有一個顯著的負面影響場外現金貴金屬產業。這裡也一樣，至關重要的是，那些誰願意被對手以場外金屬交易尋求專業幫助，討論可能的業務和管理的應急計劃。
小水池豁免淘汰
根據第403法，“privateadviser”免，namelySection 203（B）（3）投資顧問法1940年（“顧問法”），將被淘汰一年內該法的生效日期（7月21日， 2011年）。歷史上，許多未登記的美國基金經理們依靠這項豁免註冊，以避免他們：
（1）有不少於 15客戶在過去 12個月;
（2）不持有自己擺脫一般公眾為投資顧問;和
（3）不作為投資顧問，註冊投資公司或商業開發公司。
目前，顧問可以將未註冊的資金，他們提醒，而不是投資者的資金，因為他們的客戶為目的的這項豁免。通常的做法也由此演變而來，讓一些顧問管理多達 14個未登記的註冊資金，而不必根據顧問法。因此，去除這項豁免是一個重大轉變的監管環境，因為這種做法將不再允許在大約一年。
另外一個重要的考慮，多德 - 弗蘭克法案授權新的聯邦註冊和管理閾值的基礎上，金額根據資產的經理管理（“AUM”）。儘管尚未進行，有可能是不同的國家可能立法目的是建立一個類似的註冊管理，其管理資產的框架下的新的聯邦秋季水平。
投資者的資格認可
第413（A）該法改變了金融資格誰可以被認為是合格投資者，從而有資格為合資格參與者（“QEP”）。具體來說，修訂後的認可投資者標準僅包括以下類型的個人：
1）一個自然人，其個人淨資產，淨資產或聯合與配偶，至少是100萬美元，不包括價值該投資者的主要居住地;
2）一個自然人誰了個人收入超過 20萬元每兩個最近幾年來或共同收入與配偶在超過 30萬美元在每個這些年，一個合理的預期達到同樣的收入水平，在本年度;或是
3）董事，行政人員或普通合夥人對發行人的證券被提供或出售，或董事，行政人員或普通合夥人對普通合夥人對發行人的。
基於這樣的語言，重要的是要注意的是修訂後的認可投資者標準僅適用於新的投資者，不包括現有的投資者。然而，更多的訂閱從現有的投資者一般都視為需要繼續確認投資者的資格。
7月27日，2010年，美國證券交易委員會提供了額外的清晰度就估價一個人的主要居住在計算淨值。特別是，美國證券交易委員會已解釋這一規定如下：
第413（一）多德 - 弗蘭克法沒有界定“價值”，也沒有解決的待遇和其他債務的抵押擔保為目的的居住的淨值計算 ...待實施更改委員會的規則要求的法律，有關的債務擔保金額由初級到其居住公平的市場價值可能也被排除在外。債務擔保由居住在超額價值的家庭應被視為責任和扣除投資者的淨值。
Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15
Submitted by Tyler Durden on 06/18/2011 13:23 -0400
One small step toward Executive Order 6102 part 2, and one giant leap for corruptcongressmankind.
From: FOREX.com
Date: Fri, Jun 17, 2011 at 6:11 PM
Subject: Important Account Notice Re: Metals Trading
To: xxx
Important Account Notice Re: Metals Trading
We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.
In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.
We encourage you to wind down your trading activity in these products over the next month in anticipation of the new rule, as any open XAU or XAG positions that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be automatically liquidated.
We sincerely regret any inconvenience complying with the new U.S. regulation may cause you. Should you have any questions, please feel free to contact our customer service team.
Sincerely,
The Team at FOREX.com
So far we have only received this warning from Forex.com. We are waiting to see which other dealers inform their customers that trading gold and silver over the counter will soon be illegal.
It appears that Forex.com's interpretation of the law stems primarily from Section 742(a) of the Dodd-Frank act which "prohibits any person [which again includes companies]from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis."
Some prehistory from Hedge Fund Law Blog:
The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) has changed a number of laws in all of the securities acts including the Commodity Exchange Act. Two specific changes deal with certain transactions in commodities on the spot market. Specifically, Section 742 of the Act deals with retail commodity transactions. In this section, the text of the Commodity Exchange Act is amended to include new Section 2(c)(2)(D) (dealing with retail commodity transactions) and new Section 2(c)(2)(E) (prohibiting trading in spot forex with retail investors unless the trader is subject to regulations by a Federal regulatory agency, i.e. CFTC, SEC, etc.). According to a congressional rulemaking spreadsheet, these are effective 180 days from the date of enactment.
We provide an overview of the new sections and have reprinted them in full below.
New CEA Section 2(c)(2)(D) – Concerning Spot Commodities (Metals)
The central import of new CEA Section 2(c)(2)(D) is to broaden the CFTC’s power with respect to retail commodity transactions. Essentially any spot commodities transaction (i.e. spot metals) will be subject to CFTC jurisdiction and rulemaking authority. There is an exemption for commodities which are actually delivered within 28 days. While the CFTC wanted an exemption in which commodities would need to be delivered within 2 days, various coin collectors were able to lobby congress for a longer delivery period (see here).
It is likely we will see the CFTC propose regulations under this new section and we will keep you updated on any regulatory pronouncements with respect to this new section.
New CEA Section 2(c)(2)(E) – Concerning Spot Forex
The central import of new CEA Section 2(c)(2)(E) is to regulate the spot forex markets. While the section requires the CFTC to finalize regulations with respect to spot forex (which were proposed earlier in January), it also, interestingly, provides oversight of the markets to other federal regulatory agencies such as the CFTC. This means that in the future, different market participants may be subject to different regulatory regimes with respect to trading in same underlying instruments. A Wall Street Journal article discusses the impact of this with respect to firms which engage in other activities in addition to retail forex transactions. The CFTC’s proposed rules establish certain compliance parameters for retail forex transactions, requires registration of retail forex managers and requires such managers to pass a new regulatory exam called the Series 34 exam. We do not yet know whether the other regulatory agencies will adopt rules similar to the CFTC or if they will write rules from scratch.
Next, from Henderson & Lyman:
The prohibition of Section 742(a) does not apply, however, if such a transaction results in actual delivery within 28 days, or creates an enforceable obligation to deliver between a seller and a buyer that have the ability to deliver, and accept delivery of, the commodity in connection with their lines of business. This may be problematic as in most spot metals trading virtually all contracts fail to meet these requirements. As a result, although the courts’ interpretation of Section 742(a) is unknown, Section 742(a) is likely to have a significantly negative impact on the OTC cash precious metals industry. Here too, it is essential that those who offer to be a counterparty to OTC metals transactions seek professional help to discuss possible operational and regulatory contingency plans.
The actual rule language exempts a transaction if it "results in actual delivery within 28 days or such other longer period as the Commission may determine by rule or regulation based upon the typical commercial practice in cash or spot markets for the commodity involved;" Alas, the commission has decided not to intervene and keep the exemption status window so small as to affect virtually all exchanges which transact in the gold and silver spot market.
More here:
Elimination of OTC Forex
Effective 90 days from its inception, the Dodd-Frank Act bans most retail OTC forex transactions. Section 742(c) of the Act states as follows:
…A person [which includes companies] shall not offer to, or enter into with, a person that is not an eligible contract participant, any agreement, contract, or transaction in foreign currency except pursuant to a rule or regulation of a Federal regulatory agency allowing the agreement, contract, or transaction under such terms and conditions as the Federal regulatory agency shall prescribe…
This provision will not come into effect, however, if the CFTC or another eligible federal body issues guidelines relating to the regulation of foreign currency within 90 days of its enactment. Registrants and the public are currently being encouraged by the CFTC to provide insight into how the Act should be enforced. See CFTC Rulemakings regarding OTC Derivatives located at the following website address, under Section XX – Foreign Currency (Retail Off Exchange). It is essential that OTC forex participants seek professional help to discuss possible operational and regulatory contingency plans.
Elimination of OTC Metals
As for OTC precious metals such as gold or silver, Section 742(a) of the Act prohibits any person [which again includes companies]from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis. This provision intends to expand the narrow so called “Zelener fix” in the Farm Bill previously ratified by congress in 2008. The Farm Bill empowered the CFTC to pursue anti-fraud actions involving rolling spot transactions and/or other leveraged forex transactions without the need to prove that they are futures contracts. The Dodd-Frank Act now expands this authority to include virtually all retail cash commodity market products that involve leverage or margin – in other words OTC precious metals.
The prohibition of Section 742(a) does not apply, however, if such a transaction results in actual delivery within 28 days, or creates an enforceable obligation to deliver between a seller and a buyer that have the ability to deliver, and accept delivery of, the commodity in connection with their lines of business. This may be problematic as in most spot metals trading virtually all contracts fail to meet these requirements. As a result, although the courts’ interpretation of Section 742(a) is unknown, Section 742(a) is likely to have a significantly negative impact on the OTC cash precious metals industry. Here too, it is essential that those who offer to be a counterparty to OTC metals transactions seek professional help to discuss possible operational and regulatory contingency plans.
Small Pool Exemption Eliminated
Pursuant to Section 403 of Act, the “privateadviser” exemption, namelySection 203(b)(3) of the Investment Advisers Act of 1940 (“Advisers Act”), will be eliminated within one year of the Act’s effective date (July 21, 2011). Historically, many unregistered U.S. fund managers had relied on this exemption to avoid registration where they:
(1) had fewer than 15 clients in the past 12 months;
(2) do not hold themselves out generally to the public as investment advisers; and
(3) do not act as investment advisers to a registered investment company or business development company.
At present, advisers can treat the unregistered funds that they advise, rather than the investors in those funds, as their clients for purposes of this exemption. A common practice has thus evolved whereby certain advisers manage up to 14 unregistered funds without having to register under the Advisers Act. Accordingly, the removal of this exemption represents a significant shift in the regulatory landscape, as this practice will no longer be allowable in approximately one year.
Also an important consideration, the Dodd-Frank Act mandates new federal registration and regulation thresholds based on the amount of assets a manager has under management ("AUM"). Although not yet underway, it is possible that various states may enact legislation designed to create a similar registration framework for managers whose AUM fall beneath the new federal levels.
Accredited Investor Qualifications
Section 413(a) of the Act alters the financial qualifications of who can be considered an accredited investor, and thus a qualified as eligible participant (“QEP”). Specifically, the revised accredited investor standard includes only the following types of individuals:
1) A natural person whose individual net worth, or joint net worth with spouse, is at least $1,000,000, excluding the value of such investor's primary residence;
2) A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with spouse in excess of $300,000 in each of those years and a reasonable expectation of reaching the same income level in the current year; or
3) A director, executive officer, or general partner of the issuer of the securities being offered or sold, or a director, executive officer, or general partner of a general partner of that issuer.
Based on this language, it is important to note that the revised accredited investor standard only applies to new investors and does not cover existing investors. However, additional subscriptions from existing investors are generally treated as requiring confirmation of continuing investor eligibility.
On July 27th, 2010, the SEC provided additional clarity regarding the valuation of an individual’s primary residence when calculating net worth. In particular, the SEC has interpreted this provision as follows:
Section 413(a) of the Dodd-Frank Act does not define the term “value,” nor does it address the treatment of mortgage and other indebtedness secured by the residence for purposes of the net worth calculation…Pending implementation of the changes to the Commission’s rules required by the Act, the related amount of indebtedness secured by the primary residence up to its fair market value may also be excluded. Indebtedness secured by the residence in excess of the value of the home should be considered a liability and deducted from the investor’s net worth.
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