SEC launches registration fee estimator, but FX brokers “RED List” won’t go away

Rick Steves

The Securities and Exchange Commission (SEC) yesterday announced the launch of an online tool to help companies calculate registration fees for certain form submissions, with the aim of improving the accuracy of fee calculations and minimize the need for corrections, as well as to provide guidance on completing the related fee tables and a better […]

SEC launches registration fee estimator

The Securities and Exchange Commission (SEC) yesterday announced the launch of an online tool to help companies calculate registration fees for certain form submissions, with the aim of improving the accuracy of fee calculations and minimize the need for corrections, as well as to provide guidance on completing the related fee tables and a better and clearer understanding of the costs for submitting filings.

These include forms used to register initial public offerings, debt offerings, asset-backed securities, closed-end mutual funds, limited partnerships, and small business investment companies.

The Office of Financial Management, however, reminds users that “the tool should not be relied upon as an official SEC calculation or verification of these filing fees. Filers will remain responsible for paying all required fees and accurately including all required information in their filings.”

Hopefully, this improved access to information may reduce the regular update to the CFTC’s RED List, composed by foreign “Registration Deficient” (unregistered) firms operating, soliciting and accepting funds from U.S. residents at a retail level for trading FX or binary options.

Yesterday, the list added 23 new foreign entities operating outside of legal requirements:
Banc de Options
Barclays Broker
BeeOptions
Binary Book
Binary Das
Binary Int’l
BTG Option
Diamond Managed Forex
Forex Broker Inc.
Forex CBR
Forex Investment Services
Golden Tangent Holdings
Ivory Options
Land FX
Lbinary
NRG Binary
Optionsxo
Paam-Maam Forex Fund Management
Profit Forex Corp
RealForex.com
Tallinex
Titan Trade
UK Options

The SEC changes in its online filing information, however, might not be enough to change this pattern for several factors. Many of the blacklisted firms have no intention of being regulated for reasons of transparency (potential fraud) and financial costs, preferring to operate under the radar.

Also, but not as relevant, registering a FX broker in the US soil remains a headache for some due to the confusion provided by the existence of two organisms accepting registration of FX dealers: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The SEC, with oversight from the House Financial Services and Senate Banking committees, regulates stock exchanges and financial companies that sell securities. The CFTC, with oversight from the House and Senate agriculture panels, regulates trades in commodities from orange juice to foreign currencies. However, both SEC and CFTC regulate hedge funds and securities firms, both trading equities and commodities.

Read this next

blockdag

Top Bullish Crypto: Fetch.ai & Pepe Coin Price Surge, But BlockDAG Sees Investor Rush as X Series Miners Stand Out

Compare Fetch.ai (FET) Bull Run, Pepe Coin price, and top bullish crypto BlockDAG. Discover why BlockDAG’s innovation and growth potential make it the best choice.

Digital Assets

Coinbase resumes XRP trading in New York after nine-month hiatus

Coinbase has resumed trading for XRP in New York, the company’s chief legal officer, Paul Grewal, announced on Thursday. This comes after a nine-month suspension of the cryptocurrency on the exchange due to regulatory scrutiny.

Institutional FX

Swissquote joins Fortex Hub to expand liquidity distribution

ECN trading platform and technology provider, Fortex Inc. has announced a new integration with Swissquote Group, Switzerland’s provider of online trading services.

Chainwire

Multipool Enters Partnership with Mobilum Offering Users Fiat to DeFi On/Off Ramp

Multipool, a leading innovator in the blockchain and cryptocurrency industry announces a corporate partnership with Mobilum.

Retail FX

IC Markets taps TipRanks’ trading research tools

Sydney-based IC Markets has completed integration of TipRanks’s rating tools, which ranks analysts and financial bloggers based on their picks’ performance analysis, in a bid to provide its clients with new research capabilities.

Digital Assets

Gate.io shelves plan to operate in Hong Kong

Gate Digital Ltd (Gate HK) announced it is winding down operations and has withdrawn its application for a crypto trading platform license in Hong Kong.

Chainwire

Sui and Mesh Combine Forces to Bring Simplified Transactions Across the Sui Ecosystem

With the addition of the Mesh platform, Sui Wallet will achieve product parity with the world’s largest self-custody wallets, while Mesh now natively supports the SUI token

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 23 May, 2024

EURGBP currency pair can be expected to rise further toward the next resistance level 0.8560.

Digital Assets

Bybit denies financial woes and hacking rumors

Ben Zhou, CEO of Dubai-based cryptocurrency exchange Bybit, has refuted circulating rumors that the platform has been hacked or is insolvent. Zhou addressed the speculations in a post on the social media platform X.

<