goldengoose Posted July 9, 2011 Report Share Posted July 9, 2011 Good afternoon All, We have all been reading copious amounts of information relating the IQD and here is an awesome .pdf document concerning the "New FDIC Rules" taking effect on 15 July 2011. A good friend of mine sent me this link today by email. The document is quite long, but well worth the read. http://www.fdic.gov/news/news/financial/2011/fil11055a.pdf Thank you, GG 4 Link to comment Share on other sites More sharing options...
sportfisher Posted July 9, 2011 Report Share Posted July 9, 2011 thanks for the document Link to comment Share on other sites More sharing options...
Shelley Posted July 9, 2011 Report Share Posted July 9, 2011 Hi GG.. I'm going to ask the same of you, that you asked of Ronscarpa..... and not because of time element, but more because my little brain can't grasp it !!!! So in other words, can you please give me the jist of this document Thanks so much 1 1 Link to comment Share on other sites More sharing options...
cisole Posted July 9, 2011 Report Share Posted July 9, 2011 thanks goldengoose Link to comment Share on other sites More sharing options...
goldengoose Posted July 9, 2011 Author Report Share Posted July 9, 2011 Hi GG.. I'm going to ask the same of you, that you asked of Ronscarpa..... and not because of time element, but more because my little brain can't grasp it !!!! So in other words, can you please give me the jist of this document Thanks so much 'Shelly', Good afternoon! Sure, I will be happy to provide my take on this lengthy document- Basically it is placing banking and other forex trading institutions under new regulations as it relates to entering and providing forex services to retail customers, thus will ensure certain protections for the retail customer as well. Hope this short explanation helps.....the main reason I thought this article was substantial was the effective date- 15 JULY 2011!!!!!!!!! GG 3 Link to comment Share on other sites More sharing options...
fox Posted July 9, 2011 Report Share Posted July 9, 2011 Interesting. Thanks for posting. Link to comment Share on other sites More sharing options...
proteus Posted July 9, 2011 Report Share Posted July 9, 2011 GG, Great thread... Good Find... Excellent Work... Proteus 2 Link to comment Share on other sites More sharing options...
LS1Hawk Posted July 9, 2011 Report Share Posted July 9, 2011 Does this document have a connection to the Frank- Dodd act that is to take affect july 15th? And if I read the cliff notes correctly, it seems to have a conflict of what the F-D act was to enforce, ie. Private citizens not fitting into the required anual salaries no longer being able to trade otc gold and silver as well as paper stocks of sorts. Thanks a lot. Link to comment Share on other sites More sharing options...
goldengoose Posted July 9, 2011 Author Report Share Posted July 9, 2011 GG, Great thread... Good Find... Excellent Work... Proteus 'Proteus', Good afternoon! Thank you for the comments...... GG Link to comment Share on other sites More sharing options...
yodamom Posted July 9, 2011 Report Share Posted July 9, 2011 Just IMO the Frank Dodd Act pertains to the big boys buying short and selling high. In other words a trader put a small deposit on something and pay over time while what they bought increases in value. Therefor, they can sell out at an increased profit and pay off their initial investment but unduly drive the price up looking for the gain. 1 Link to comment Share on other sites More sharing options...
coolbeans Posted July 9, 2011 Report Share Posted July 9, 2011 Time For Transition, Dodd - Frank Law 30 audio http://www.blogtalkradio.com/asdf/2011/06/20/the-train-kept-a-rollin Go RV Link to comment Share on other sites More sharing options...
bales130 Posted July 9, 2011 Report Share Posted July 9, 2011 this is awesome Link to comment Share on other sites More sharing options...
oneremedy Posted July 9, 2011 Report Share Posted July 9, 2011 This is some good news! Thanks! Link to comment Share on other sites More sharing options...
pluMmet Posted July 9, 2011 Report Share Posted July 9, 2011 It's written in legalese and says that it goes into effect on the 15th but it's important to remember that these rules from the link are for an "Accredited Investor" The Dodd Frank law defines accredited investors as: Section 413(a) of the Act alters the financial qualifications of who can be considered an accredited investor, and thus a qualified as eligible participant (“QEP”). Specifically, the revised accredited investor standard includes only the following types of individuals: 1) A natural person whose individual net worth, or joint net worth with spouse, is at least $1,000,000, excluding the value of such investor's primary residence; 2) A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with spouse in excess of $300,000 in each of those years and a reasonable expectation of reaching the same income level in the current year; or 3) A director, executive officer, or general partner of the issuer of the securities being offered or sold, or a director, executive officer, or general partner of a general partner of that issuer. So most will not be eligible. Link to comment Share on other sites More sharing options...
goldengoose Posted July 9, 2011 Author Report Share Posted July 9, 2011 It's written in legalese and says that it goes into effect on the 15th but it's important to remember that these rules from the link are for an "Accredited Investor" The Dodd Frank law defines accredited investors as: Section 413(a) of the Act alters the financial qualifications of who can be considered an accredited investor, and thus a qualified as eligible participant (“QEP”). Specifically, the revised accredited investor standard includes only the following types of individuals: 1) A natural person whose individual net worth, or joint net worth with spouse, is at least $1,000,000, excluding the value of such investor's primary residence; 2) A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with spouse in excess of $300,000 in each of those years and a reasonable expectation of reaching the same income level in the current year; or 3) A director, executive officer, or general partner of the issuer of the securities being offered or sold, or a director, executive officer, or general partner of a general partner of that issuer. So most will not be eligible. 'pluMmet', Good afternoon! I appreciate your insight and providing additional information to this particular subject. I am certainly not an economic expert, but thought the FDIC document would be beneficial for all DV members to review. Thank you, GG Link to comment Share on other sites More sharing options...
Shelley Posted July 9, 2011 Report Share Posted July 9, 2011 Golden Goose you are truely one of the good guys !!!! Thank you so much for bringing it to the level that my mind could get today !!! Thanks for the post.. great Saturday news 2 Link to comment Share on other sites More sharing options...
goldengoose Posted July 9, 2011 Author Report Share Posted July 9, 2011 Golden Goose you are truely one of the good guys !!!! Thank you so much for bringing it to the level that my mind could get today !!! Thanks for the post.. great Saturday news 'Shelley', Good evening! Thank you very much for your kind words and you are very welcome, I am glad to assist the thought process! Have a good night, GG Link to comment Share on other sites More sharing options...
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