{"data":{"id":"us/12-cfr-349.24","jurisdiction":"us","citation":"12 CFR 349.24","heading":"Authorization to trade.","body":"(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.\n(b) Requirements for specific authorization. A retail forex transaction is “specifically authorized” for purposes of this section if the retail forex customer specifies:\n(1) The precise retail forex transaction to be effected;\n(2) The exact amount of the foreign currency to be purchased or sold; and\n(3) In the case of an option, the identity of the foreign currency or contract that underlies the option.","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":"8f761ea9f7523a5ac3223802663484c8f01f2c0982debd53b1dbacc60e5f6bb5","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-349.23","next":"us/12-cfr-349.25"},"notice":"GroundRules: Original legal text. Not legal advice."}