August 21, 2009
I have been involved with the NFA for over 6 years. registered and withdrawn 3 separate times. The CFTC is the governing agency that allows the NFA to oversee all Forex related business. I have have experienced over the years of conducting retail support and services conversation with The Division of Securities in the state of Utah. In all of these discussions I was using the CFTC statutes to run my business, and every time the SEC had problems with it.
As a long time business owner that has never had one retail customer complain about my business practices. As a Forex professional for almost 10 years I would love to know how I can be heard in a meeting like this.
I believe as a country and economy based on small business we do not want to confuse small brokers and burden them with attorney fees and threatening contradictions. I believe regulation is needed. Nothing is gained however by having 2 different "big brothers" with different rules and regulations.