Section 349.15 - Prohibited transactions(a)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: (1) Cheat or defraud or attempt to cheat or defraud any person;(2) 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(3) Willfully deceive or attempt to deceive any person by any means whatsoever.(b)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. 76 FR 40789 , July 12, 2011. Redesignated at 80 FR 74912 , Nov. 30, 2015