12 CFR 349.24
§ 349.24 Authorization to trade.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 349.24, § 349.24 Authorization to trade, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/46931
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Full text
(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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.