On April 4th, the Federal Reserve Board finalized the standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers. The rule establishes requirements for risk disclosures to customers, recordkeeping, business conduct, and documentation for retail foreign exchange transactions. Regulated institutions engaging in such transactions will be required to notify the Federal Reserve and be well capitalized. They will also be required to collect margin for retail foreign exchange transactions. The rule will become effective on May 13, 2013. Federal Reserve Board Press Release.