Apparently, this legislation is aimed at prohibiting U.S. traders from trading overseas to escape the CFTC regulations. It becomes effective on July 16, 2011. I think that they will fail in their futile attempt to put a dog collar on all of us Americans. Not all of the brokers will bend to their will.
Check out the link here:
Investment Law Group - Foreign Banks Still Eligible Counterparties for Retail Forex Traders
What say you in this regard?