Whistleblowing for forex fraud to the CFTC has just been made easier

As part of the Dodd-Frank Act, an electronic filing portal has been launched for public access

In times of a vastly expanding regulatory environment in the financial services industry sometimes it is very difficult to properly address all inquiries that come to the regulators. Authorities have been blamed for not paying enough attention to “obvious” wrongdoings such as the Bernard Madoff implosion in 2008. This might be the reason behind the launch of a new way of reporting wrongdoers to the US Commodities and Futures Trading Commission.

The CFTC has announced in a press release that it is introducing a new capability to an external portal that it used up until now mainly for submissions by market participants such as SEF’s, swap dealers, derivatives clearing organizations and other regulated entities. The system has permitted firms to submit their applications and data much more conveniently. The latest effort makes filing a complaint against forex fraud become much easier.

The time has come to expand the portal access to include the general public, which will get the ability to file their complaints and data to the CFTC. The implementation is a part of the Dodd-Frank Act that mandated the Commission to optimize the ways in which it receives data. The result is the development of the CFTC Portal Project that permits electronic submissions that greatly increase the regulator’s ability to process information.

Following recent reshufflings at the regulator and the bulk of new responsibilities that the Dodd-Frank Act has put on its Atlantean shoulders, one cannot help but wonder how is the increased amount of data going to be processed. Ex-CEO Bart Chilton has repeatedly reiterated that the agency is underfunded and understaffed. Hardly an overstatement considering that is the regulator responsible for overseeing over $300 trillion worth of derivatives.

Following is a link to a page where the procedure to request access to the CFTC Portal Project is explained in detail.

For a link to the login page of the Portal click here.

For the full press release issued by the regulator visit CFTC’s website.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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Whistleblowing for forex fraud to the CFTC has just been made easier


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