H.R. 4173 Revisited

[ExecConsult]

I have been away from any forum for quit a while now, but I was asked for help on this so I thought I'd post what I found.

I was emailed a copy of the Forex.com email that went out about how the Dodd-Frank Wall Street Reform and Consumer Protection Act makes trading in precious metals and currency illegal as of 15 July unless you are an accredited investor. I was asked to look into it, so I did. I did not go through everything on the forum to see if some similar information is posted. If it is I apologize.

I have briefly reviewed the text of section 742 of the bill referred to and the text of the Commodity Exchange Act, which it amends. While I am not well versed in this area of law, it appears to me that the jurisdiction of this law is for the “contract of sale of a commodity for future delivery (or an option on such a contract)” (7 USC 2(c )(2)(B )(i)). The words to focus on for us are “for future delivery.” We are making a contract “for immediate delivery.” This deals with forex markets and does not apply to us. (At least that is how I read it.) Not only will we be able to exchange as accredited investors with sufficient funds following an RV, but we should be able to buy and sell the physical currency for “immediate” delivery now and in the future regardless of our status as accredited investors.

I can't afford to spend any more time on it right now. I hope this is helpful.

Best of Blessings,

Mark

Edited June 21, 2011 by ExecConsult

[lambert]

Appreciate your input. thanks!

[NMGarand]

Yeah! What he said.

NMGarand

[R Veyron]

Thanks for your insight. I have been a little concerned about this as others have and have not read all the posts regarding how this would or would not affect dinar investors. I was wondering though as it mentions precious metals and currency , would that just be coins such as gold and silver coins? Or does it affect all currency as well as paper currency? Also, it mentions that only those "Qualified" or "Accredited" nvestors who would be the only ones to continue to conduct such trades as well as exchange foreign currency. Would someone such as a Trust officer or ones who head a trust fund be able to act as this "Qualified" or "Accredited" investor? Still trying to sort through this curiosity.. If anyone has any more in put or insight I would appreciate it.. Thanks.

[Biker]

Thank you my brother im sure this will releve a lot of stress on others and my self. Thanks for your time and input.