Section 48.12 - Authorization to trade(a)Specific authorization required. No national bank may directly or indirectly effect a retail forex transaction for the account of any retail forex customer unless, before the retail forex transaction occurs, the retail forex customer specifically authorized the national bank 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.