{"data":{"id":"us/12-cfr-349.15","jurisdiction":"us","citation":"12 CFR 349.15","heading":"Prohibited transactions.","body":"(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:\n(1) Cheat or defraud or attempt to cheat or defraud any person;\n(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\n(3) Willfully deceive or attempt to deceive any person by any means whatsoever.\n(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.","path":["Title 12—Banks and Banking","CHAPTER III—FEDERAL DEPOSIT INSURANCE CORPORATION","SUBCHAPTER B—REGULATIONS AND STATEMENTS OF GENERAL POLICY","PART 349—DERIVATIVES","Subpart B—Retail Foreign Exchange Transactions"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"88b2dbd8a6e75098552d5a3027d1f396056a13502528fa7140505d0e7ea47761","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-349.14","next":"us/12-cfr-349.16"},"notice":"GroundRules: Original legal text. Not legal advice."}