---
kind: "section"
citation: "12 C.F.R. § 349.24"
title: "12"
number: "349.24"
heading: "Authorization to trade."
url: "https://uscodex.org/cfr/12/349.24"
---

# §349.24. Authorization to trade.

- (a) **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.
- (b) **Requirements for specific authorization.** A retail forex transaction is “specifically authorized” for purposes of this section if the retail forex customer specifies:
  - (1) The precise retail forex transaction to be effected;
  - (2) The exact amount of the foreign currency to be purchased or sold; and
  - (3) **In the case of an option, the identity of the foreign currency or contract that underlies the option.**

## 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]