12 CFR § 349.24 - Authorization to trade.

---
identifier: "/us/cfr/t12/s349.24"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 349.24 - Authorization to trade."
title_number: 12
title_name: "Banks and Banking"
section_number: "349.24"
section_name: "Authorization to trade."
chapter_name: "FEDERAL DEPOSIT INSURANCE CORPORATION"
subchapter_number: "B"
subchapter_name: "REGULATIONS AND STATEMENTS OF GENERAL POLICY"
part_number: "349"
part_name: "DERIVATIVES"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
regulatory_source: "76 FR 40789, July 12, 2011, unless otherwise noted."
cfr_part: "349"
---


# 349.24 Authorization to trade.

(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.

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