US SEC, CFTC, and NFA Regulatory Framework for Traders
Map the US trading regulator landscape: SEC for securities and options, CFTC for futures and forex, and NFA as the self-regulatory body enforcing rules.
Интерактивные инструменты могут не работать в переведённом виде.
US markets are policed by a triangle of regulators. Knowing which one governs your instrument determines your leverage cap, capital protection, and dispute path.
SEC — Securities and Options
The Securities and Exchange Commission oversees stocks, ETFs, corporate and municipal bonds, exchange-traded options on equities, and most registered investment advisers.
- Broker-dealers register under SEC Rule 15c3-3 (Customer Protection Rule), which segregates customer assets.
- Regulation Best Interest (Reg BI) requires brokers to act in the retail customer's best interest, a step above the old suitability standard.
- PDT Rule: any account under $25,000 flagged as a pattern day trader (4+ day trades in 5 business days) is restricted from further day trading until the balance is restored.
CFTC — Futures, Options on Futures, Forex, Swaps
The Commodity Futures Trading Commission regulates futures, options on futures, retail forex, and swaps. Designated contract markets (CME, ICE) self-certify products.
- Retail forex dealers must register as RFEDs and hold minimum $20 million net capital.
- The CFTC enforces the 50:1 / 20:1 forex leverage cap (see leverage comparison article).
NFA — Self-Regulatory Body
The National Futures Association is the SRO for the futures and forex industry, delegated oversight by the CFTC. Every FCM, RFED, CTA, CPO, and IB must be an NFA member.
- NFA maintains BASIC (Background Affiliation Status Information Center), a free public database of member disciplinary history.
- Forex Dealer Members must maintain $20 million net capital and file monthly reports.
FINRA — SRO for Securities
The Financial Industry Regulatory Authority oversees broker-dealers (not investment advisers, which are state/SEC). It enforces suitability, supervision, and communications rules and operates the arbitration forum most retail disputes use.
SIPC — Customer Asset Backstop
The Securities Investor Protection Corporation covers up to $500,000 per customer ($250,000 cash) if a broker-dealer fails. It does not cover market losses or forex accounts.
Which Regulator Owns Your Trade
| Instrument | Primary Regulator | SRO |
|---|---|---|
| Stocks, ETFs, equity options | SEC | FINRA |
| Futures, options on futures | CFTC | NFA |
| Retail forex | CFTC | NFA |
| Crypto spot | State/CFTC (derivatives) | Varies |
| Swaps | CFTC/SEC | NFA/MSRB |
Practical Verification Steps
- Check the broker's CRD record on BrokerCheck for securities firms.
- For forex/futures, pull the firm's NFA ID and disciplinary history from NFA BASIC.
- Confirm the account type: a forex account is not SIPC-protected, so segregated funds and the broker's capitalization are your only safety.
- For disputes under $50,000 against a securities firm, FINRA arbitration is the standard forum; futures disputes go through NFA arbitration.
Red Flags
- A "US broker" offering 500:1 forex leverage is not a US-registered RFED — it is offshore.
- Promise of guaranteed returns, unregistered commodity pools, or solicitation without an NFA ID are enforcement targets.
The regulator defines your protection. Trade with a firm whose primary registration matches the instrument you trade, and verify it before depositing funds.
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