Authorization to trade.

§ 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]