The Executive Committee of the National Futures Association (NFA) has recommended amending the NFA Financial Requirements for Forex Dealer Members to bring them in line with the increased adjusted net capital requirements of the Commodity Futures Trading Commission Reauthorization Act of 2008. The revisions contemplate that NFA Forex Dealer Members will be required to have an adjusted net capital of $10 million by October 31, $15 million by January 17, 2009, and $20 million by May 16, 2009. The Executive Committee is also recommending that Section 12 of its Financial Requirements be amended to provide that a Forex Dealer Member that chooses to collect from its customers less than the security deposits prescribed in Section 12 must consistently maintain capital in excess of 150% (as opposed to 200%) of the required adjusted net capital. The anticipated effective date of the revisions is October 31, pending CFTC approval.

http://www.nfa.futures.org/news/newsNotice.asp?ArticleID=2165