When it comes to currency laws in regards to foreign exchange, the words law, rule and regulation might as well be interchangeable. The NFA and CFTC have the jurisdiction to enforce any and all rules and regulations, and the CFTC has jurisdiction to enforce any violation of law; needless to say, all market participants better tow the line.
Fraud Regulations
As with any business or personal venture conducted under the law, in Forex law fraud and fraudulent behavior are strictly forbidden. Now, fraud can be a rather broad term, but the CFTC defines fraud as any act or behavior intended to cheat any person, or any attempt to deceive by means of a false statement or otherwise. Even if an entity is indirectly involved, it is still considered fraud. The NFA feels the same, and has jurisdiction to prosecute fraud. Often the CFTC and the NFA will work hand in hand when handling a forex regulation violation as serious as fraud.
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