---
kind: "section"
citation: "12 C.F.R. § 349.15"
title: "12"
number: "349.15"
heading: "Prohibited transactions."
url: "https://uscodex.org/cfr/12/349.15"
---

# §349.15. Prohibited transactions.

- (a) **Fraudulent conduct prohibited.** No FDIC-supervised insured depository institution or its IAPs may, directly or indirectly, in or in connection with any retail forex transaction:
  - (1) Cheat or defraud or attempt to cheat or defraud any person;
  - (2) Willfully make or cause to be made to any person any false report or statement or cause to be entered for any person any false record; or
  - (3) Willfully deceive or attempt to deceive any person by any means whatsoever.
- (b) **Acting as counterparty and exercising discretion prohibited.** If an FDIC-supervised insured depository institution can cause retail forex transactions to be effected for a retail forex customer without the retail forex customer's specific authorization, then neither the FDIC-supervised insured depository institution nor its affiliates may act as the counterparty for any retail forex transaction with that retail forex customer.

## Notes

### Amendments

[76 FR 40789, July 12, 2011. Redesignated at 80 FR 74912, Nov. 30, 2015]

### Authority

Authority: 12 U.S.C.1813(q), 1818, 1819, and 3108; 7 U.S.C. 2(c)(2)(E), 27 et seq.

### Source

Source: 76 FR 40789, July 12, 2011, unless otherwise noted.

### Amendments

[76 FR 40789, July 12, 2011. Redesignated at 80 FR 74912, Nov. 30, 2015]