Retail forex proprietary account

Retail forex proprietary account means: A retail forex account carried on the books of a national bank for one of the following persons; a retail forex account of which 10 percent or more is owned by one of the following persons; or a retail forex account of which an aggregate of 10 percent or more of which is owned by more than one of the following persons:
(1) The national bank;
(2) An officer, director, or owner of 10 percent or more of the capital stock of the national bank; or
(3) An employee of the national bank, whose duties include:
(i) The management of the national bank's business;
(ii) The handling of the national bank's retail forex transactions;
(iii) The keeping of records, including without limitation the software used to make or maintain those records, pertaining to the national bank's retail forex transactions; or
(iv) The signing or co-signing of checks or drafts on behalf of the national bank;
(4) A spouse or minor dependent living in the same household as any of the foregoing persons; or
(5) An affiliate of the national bank.

Source

12 CFR § 48.2

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Scoping language

In addition to the definitions in this section, for purposes of this part, the following terms have the same meaning as in the Commodity Exchange Act: Affiliated person of a futures commission merchant; associated person; contract of sale; commodity; eligible contract participant; futures commission merchant; future delivery; option; security; and security futures product.

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