FINRA and IIROC warn about leveraged and inverse ETFs
Felix Shipkevich - June 11, 2009FINRA and IIROC remind firms of their sales practice obligations with regards to leveraged and inverse ETFs. ETFs that are designed to achieve investment objectives on a daily basis may not be suitable for many investors, and should not be marketed as if they were designed to positively or negatively track an underlying index or [...]
Members must retain a registered Principal over whom NFA has jurisdiction
Felix Shipkevich - June 9, 2009Failure to retain at least one Principal registered as an “associated person” will henceforth be regarded by the NFA as a request to withdraw from NFA membership, unless membership is in the contract market category.
Congress Urged to Close Zelener Loophole
Felix Shipkevich - June 4, 2009NFA President Daniel Roth and Executive Vice President Daniel Driscoll urged Congress to close the Zelener loophole for non-forex products. In the CFTC vs. Zelener case, the U.S. Court of Appeals for the Seventh Circuit concluded that the rolling spot contracts in question did not qualify as futures contracts and that the CFTC therefore lacked [...]
