Out Of NFA.futures.org:Originally Posted by ;
The Commodity Futures Trading Commission (CFTC) has issued final FX principles that become effective on October 18, 2010. Any firm acting as a counterparty to certain retail off-exchange FX transactions is required to register as a Retail Foreign Exchange Trader (RFED). (Futures Commission Merchants offering FX transactions to its retail customers however acting primarily or substantially as a traditional FCM are exempt from registering as an RFED but have to be approved as a Forex Company and designated as a Forex Dealer Member of NFA.)