On July 28, pursuant to Section 742(c)(2) of the Dodd-Frank Act, the Fed issued a notice of proposed rulemaking and request for comment on a regulation to permit banking organizations under its supervision to engage in off-exchange transactions in foreign currency with retail customers. The proposed regulation sets forth certain disclosure, recordkeeping, and business conduct requirements, with which banking organizations must comply in order to conduct these transactions. Comments on the NPR must be submitted by October 11. Fed Release. Fed NPR.
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Fed notice of proposed rulemaking on retail foreign exchange transactions
- Orrick Herrington & Sutcliffe LLP
- August 1 2011
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