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:
Cheat or defraud or attempt to cheat or defraud any person;
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
Willfully deceive or attempt to deceive any person by any means whatsoever.
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.
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