12 CFR 349.15 - Prohibited transactions.

§ 349.15 Prohibited transactions.

(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:

(1) Cheat or defraud or attempt to cheat or defraud any person;

(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

(3) Willfully deceive or attempt to deceive any person by any means whatsoever.

(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.

[ 76 FR 40789, July 12, 2011. Redesignated at 80 FR 74912, Nov. 30, 2015]

Title 12 published on 17-Jun-2017 04:33

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 349 after this date.

  • 2016-08-02; vol. 81 # 148 - Tuesday, August 2, 2016
    1. 81 FR 50605 - Margin and Capital Requirements for Covered Swap Entities
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, FEDERAL RESERVE SYSTEM, FEDERAL DEPOSIT INSURANCE CORPORATION, FEDERAL HOUSING FINANCE AGENCY, FARM CREDIT ADMINISTRATION, Office of the Comptroller of the Currency
      Final rule.
      This final rule is effective October 1, 2016.
      12 CFR Part 45
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