§349.24. Authorization to trade.
12 C.F.R. § 349.24
Specific authorization required. No FDIC-supervised insured depository institution may directly or indirectly effect a retail forex transaction for the account of any retail forex customer unless, before the transaction occurs, the retail forex customer specifically authorized the FDIC-supervised insured depository institution to effect the retail forex transaction.
Requirements for specific authorization. A retail forex transaction is “specifically authorized” for purposes of this section if the retail forex customer specifies:
The precise retail forex transaction to be effected;
The exact amount of the foreign currency to be purchased or sold; and
In the case of an option, the identity of the foreign currency or contract that underlies the option.
Notes, amendments, and revision history
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]