I really don't like this update. NFA obviously doesn't take the account of the difficulties that foreign IBs will meet. If NFA had branched their offices out to foreign soils first before doing this, it would be just fine. Nonetheless, they expect foreign IBs to fly to USA, having their ten fingers scanned, stripped and so on to satisfy the regulation.
What I mean, if this is true, is "WTF". I've seen before my eyes the so-called regulated IBs giving advice and rebate to their traders. The new regulation makes no sense at all considering that NFA itself doesn't really regulate the registered IBs. They should have cleaned their own mess before reaching out to clean for the others. Absolutely ridiculous!
I do hope this is not entirely true. I wonder if you know where the NFA annoucement is at nfa.futures.org website.