DickP
11-17-2010, 20:33
Let me start off by saying this wasn't "ground breaking" funds I earned from Zulu (Zulu gets most of that commission off your trade), I'm talking pennies off each of my affiliates trades. That doesn't bother me that we make so little, Zulu makes so much, and we the middle men really have no say.
On top of all of this I got an email from ZuluTrade today saying:
Dear Affiliate,
We are contacting you regarding the enforcement of the new NFA/CFTC regulations and would like to inform you that as of 18/10/2010, we will not be able to rebate you directly for any of your U.S. based clients.
To be more specific, the enforcement of CFTC regulations and NFA Bylaw 1101 prohibits NFA/CFTC members (ZuluTrade) from transacting business with non-NFA members who are required to be registered with the CFTC. As a result, any rebates resulting from current U.S. clients will cease and those accounts will be removed from your “Referral Accounts” by 26/11/2010, unless you (Affiliate) provide proof of NFA/CFTC registration in order to retain those accounts and receive commission.
For those able to provide NFA/CFTC verification, commissions will be permanently restored. All other rebates resulting from non-U.S. clients will continue to be paid in full as usual.
In case you are not NFA/CFTC certified, you can choose to register under an NFA/CFTC certified Affiliate who will be eligible to receive payment resulting from U.S. clients’ trades, for a 5% compensation fee. In case you would like to do so, ZuluTrade can suggest an Affiliate who is NFA/CFTC registered.
If you are NFA/CFTC certified please send as the corresponding documents. In any other case, please let us know whether you would like to register under an NFA/CFTC Affiliate, so that we can proceed with the necessary arrangements.
We thank you for your understanding and cooperation.
Best regards,
Chris
___________________________
Chris Mileos
Affiliates Department
ZULUTRADE INC.
Email: [email protected]
Visit Us: www.zulutrade.com
I'm not registering my blog for $750 a year with the NFA, I'm sorry I guess I have to stop promoting ZuluTrade altogether.
On top of all of this I got an email from ZuluTrade today saying:
Dear Affiliate,
We are contacting you regarding the enforcement of the new NFA/CFTC regulations and would like to inform you that as of 18/10/2010, we will not be able to rebate you directly for any of your U.S. based clients.
To be more specific, the enforcement of CFTC regulations and NFA Bylaw 1101 prohibits NFA/CFTC members (ZuluTrade) from transacting business with non-NFA members who are required to be registered with the CFTC. As a result, any rebates resulting from current U.S. clients will cease and those accounts will be removed from your “Referral Accounts” by 26/11/2010, unless you (Affiliate) provide proof of NFA/CFTC registration in order to retain those accounts and receive commission.
For those able to provide NFA/CFTC verification, commissions will be permanently restored. All other rebates resulting from non-U.S. clients will continue to be paid in full as usual.
In case you are not NFA/CFTC certified, you can choose to register under an NFA/CFTC certified Affiliate who will be eligible to receive payment resulting from U.S. clients’ trades, for a 5% compensation fee. In case you would like to do so, ZuluTrade can suggest an Affiliate who is NFA/CFTC registered.
If you are NFA/CFTC certified please send as the corresponding documents. In any other case, please let us know whether you would like to register under an NFA/CFTC Affiliate, so that we can proceed with the necessary arrangements.
We thank you for your understanding and cooperation.
Best regards,
Chris
___________________________
Chris Mileos
Affiliates Department
ZULUTRADE INC.
Email: [email protected]
Visit Us: www.zulutrade.com
I'm not registering my blog for $750 a year with the NFA, I'm sorry I guess I have to stop promoting ZuluTrade altogether.