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.
Requirements for specific authorization. A retail forex transaction is “specifically authorized” for purposes of this section if the retail forex customer specifies:
The precise retail forex transaction to be effected;
The exact amount of the foreign currency to be purchased or sold; and
In the case of an option, the identity of the foreign currency or contract that underlies the option.
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