On Oct. 18, 2010, the Commodity Futures Trading Commission implemented new regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act requiring, among other things, registration of retail foreign exchange dealers. The CFTC's new forex regulations apply to off-exchange foreign exchange transactions with U.S. retail customers who are not eligible contract participants (ECP). In accordance with the new regulations, any firm acting as a counterparty to certain retail off-exchange forex transactions with a non-ECP is required to register either as a retail foreign exchange dealer (RFED) or as a futures commission merchant (FCM). The CFTC has launched its new forex regulations with a barrage of enforcement actions targeting firms and individuals who allegedly engaged in retail forex transactions without properly registering with the agency. In early 2011, the CFTC filed 13 enforcement actions in U.S. district courts accusing 14 defendants of illegally soliciting orders from non-eligible contract participants in connection with forex transactions without registering with the CFTC.