Retail Foreign Exchange Transactions

Under section 742(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act'), certain foreign exchange transactions with persons who are not "eligible contract participants' (commonly referred to as "retail forex transactions,' and as further defined below) with a registered broker or dealer ("broker-dealer') will be prohibited as of July 16, 2011, in the absence of the Commission adopting a rule to allow such transactions under terms and conditions prescribed by the Commission. The Commission is adopting interim final temporary Rule 15b12-1T to allow a registered broker-dealer to engage in a retail forex business until July 16, 2012, provided that the broker-dealer complies with the Securities Exchange Act of 1934 ("Exchange Act'), the rules and regulations thereunder, and the rules of the self-regulatory organization(s) of which the broker-dealer is a member ("SRO rules'), insofar as they are applicable to retail forex transactions.