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