Definição de um lote em Forex Um lote de Forex é um termo de negociação usado para descrever o tamanho de uma posição de negociação em Forex com referência a um padrão de 100.000 unidades da moeda base. O valor de referência para operações forex é de 100.000 unidades da moeda base e, como esse tamanho de negócio é o padrão em relação ao qual outras dimensões de comércio são medidas, isso é chamado de um lote padrão. O Lote Padrão é, portanto, atribuído a um valor de 1,0, e é equivalente a um tamanho de posição de 100.000 unidades da moeda base na qual a conta do negociante é mantida. Tamanhos de comércio podem ser muito mais ou muito menores do que um lote padrão. É por isso que há subdivisões do Lote Padrão da seguinte forma: a) Um décimo do Lote Padrão, conhecido como o Mini Lote. Isso equivale a um tamanho de posição de 10.000 unidades da moeda base da conta, com um tamanho de lote mínimo de 0,1 lotes. Medições de mini-lotes, portanto, começam de 0,1 lotes a 0,99 lotes. b) Um centésimo de um lote padrão, conhecido como Micro Lote. Isso equivale a um tamanho de posição de 1.000 unidades da moeda base da conta, com um tamanho de lote de 0,01 lotes. As medições de micro-lotes começam de 0,01 lotes a 0,099 lotes, ou 0,1 mini-lotes a 0,99 mini-lotes. c) Ultimamente, alguns corretores vêm com tamanhos de posição que são ainda menores do que um lote de micro, e eles vão por vários nomes. No entanto, estes não são padronizados e tendem a diferir de um corretor para outro. Então, vamos nos ater às definições padrão do Lote Padrão, Mini Lote e Micro Lote. Todos os outros tamanhos de negociação são expressos em múltiplos do Lote Padrão ou subdivisões do Lote / múltiplos do Micro Lote ou Mini Lote. O valor financeiro dos lotes de Forex Lotes no forex são usados para atribuir uma medida ao volume de negociação de uma posição de forex. Considerando que o valor de uma posição comercial, bem como o movimento do par de moedas em pips é o que determina o nível de lucro ou perda após um comércio forex, qual é o valor monetário do lote de moeda Vamos assumir que a moeda base é Dólares americanos. a) Lotes padrão valem 10 por pip em pares de moedas que não incluem o iene japonês. Isso é derivado da multiplicação do tamanho da posição de um lote padrão (100.000) por 1 pip (0,0001 pontos). 100.000 X 0.0001 10. b) Mini-lotes valem 1 por pip (10.000 X 0.0001) c) Micro-lotes valem 0,1 (10 centavos) por pip, como 1.000 X 0.0001 0.1 Todas as outras medições do valor de uma lata de pip ser calculado usando estas fórmulas. Assim, uma negociação que use 0,55 lotes valerá 55.000 X 0.0001 5,50 por pip. Por que os lotes de Forex são importantes O valor do lote de forex aplicado a uma negociação terá uma influência sobre o perfil de risco da conta. O risco para uma conta é uma função do tamanho da conta, stop loss. moeda negociada, percentagem de risco aplicada e o tamanho do lote. Isso é mostrado nesta demonstração usando uma calculadora de tamanho de posição forex. Um comerciante tem 2.500 em capital cambial, quer usar 3 riscos e um stop loss de 50 pips. Qual tamanho de lote deve ser usado para evitar que sua conta seja exposta a muito risco Nos referimos a uma calculadora de tamanho de posição para fazer as Matemáticas por nós: Podemos ver claramente que o trader só pode usar no máximo 15 micro lotes (0,15 lotes) ) para este comércio. Se o comerciante pretende fazer mais de uma negociação, então o tamanho do lote deve ser dividido pelo número de negociações para chegar a uma nova medida de tamanho de lote que irá manter os limites de risco. Podemos ver que o lote forex é uma parte integrante do que os comerciantes devem considerar antes de iniciar um negócio. Os comerciantes devem usar tamanhos de lote que estejam em conformidade com os limites de risco aceitáveis. Os tamanhos dos lotes terão, portanto, que ser considerados ao escolher um corretor, ao financiar a conta e, definitivamente, antes de colocar uma posição comercial. A escolha do corretor é importante, pois alguns corretores podem permitir apenas determinados tamanhos de negociação em sua plataforma. Se um trader com 1.000 escolher uma plataforma na qual os mini-lotes são o tamanho mínimo de posição que pode ser negociado, a conta estará altamente sujeita a risco e poderá sofrer uma chamada de margem. Fundos suficientes também serão necessários para assumir certos níveis de dimensionamento da posição cambial. A partir da nossa calculadora, veremos que, se o mesmo comerciante usado em nosso exemplo tivesse 6.000 para negociar, os tamanhos de posição mais altos poderiam ser usados. Compreender o lote forex é fundamental para o sucesso comercial. Aprenda, use e aproveite. Fale Conosco Mapa do Site Programa de Afiliados Direitos autorais Aviso de risco: Negociar com instrumentos financeiros carrega um alto nível de risco para o seu capital com a possibilidade de perder mais do que o seu investimento inicial. A negociação de instrumentos financeiros pode não ser adequada para todos os investidores, e destina-se apenas a pessoas com mais de 18 anos. Assegure-se de que você esteja totalmente ciente dos riscos envolvidos e, se necessário, procure aconselhamento financeiro independente. Você também deve ler nossos materiais de aprendizagem e avisos de risco. Isenção de responsabilidade: O proprietário do website não será responsável e se isenta de qualquer responsabilidade por qualquer perda, responsabilidade, dano (seja direto, indireto ou resultante), dano pessoal ou despesa de qualquer natureza que possa ser sofrido por você ou por terceiros. (incluindo a sua empresa), como resultado ou que pode ser atribuível, direta ou indiretamente, ao seu acesso e uso do site, qualquer informação contida no site 2015 Investoo, Todos os direitos reservados. Conteúdo Melhorado Transações de Câmbio de Divisas - Documento Ferramentas Essas ferramentas são projetadas para ajudar você a entender melhor o documento oficial e ajudar a comparar a edição on-line com a edição impressa. Esses elementos de marcação permitem que o usuário veja como o documento segue o Manual de Elaboração de Documentos que as agências usam para criar seus documentos. Isso pode ser útil para entender melhor como um documento é estruturado, mas não faz parte do próprio documento publicado. Conteúdo Melhorado - Conteúdo Aprimorado das Ferramentas de Documento - Ferramentas do Desenvolvedor O Escritório da Controladoria da Moeda (OCC) está adotando uma regra final que autoriza os bancos nacionais, agências e agências federais de bancos estrangeiros e suas subsidiárias operacionais a realizar transações fora da bolsa. moeda estrangeira com clientes de varejo. A regra também descreve vários requisitos com os quais os bancos nacionais, agências federais e agências de bancos estrangeiros e suas subsidiárias operacionais devem cumprir para conduzir tais transações. Esta regra entra em vigor em 15 de julho de 2011. Informações adicionais PARA MAIS INFORMAÇÕES CONTATO: Tena Alexander, Advogada Sênior, ou Roman Goldstein, Advogado, Divisão de Valores Mobiliários e Societários, (202) 874-5120. End Further Info End Prefácio Start Supplemental Information INFORMAÇÕES COMPLEMENTARES I. Antecedentes Em 21 de julho de 2010, o Presidente Obama sancionou a Lei de Reforma e Proteção ao Consumidor de Dodd-Frank Wall Street (Lei Dodd-Frank). 1 Conforme alterada pela Lei Dodd-Frank, 2 a Commodity Exchange Act (CEA) estabelece que uma instituição financeira dos Estados Unidos da América 3, para a qual existe uma agência reguladora federal, não poderá celebrar ou oferecer uma transação descrita em seção 2 (c) (2) (B) (i) (I) do CEA com um cliente de varejo 5, exceto de acordo com uma regra ou regulamento de um órgão regulador federal que permite a transação sob tais termos e condições como o órgão regulador federal prescreverá o anexo 6 (uma ldquoretail forex rulerdquo). A Seção 2 (c) (2) (B) (i) (I) inclui ldquoan acordo, contrato ou transação em moeda estrangeira que é um contrato de venda de uma mercadoria para entrega futura (ou uma opção em tal contrato) ou uma opção (que não seja uma opção executada ou negociada em uma bolsa de valores nacional registrada de acordo com a seção 6 (a) do Securities Exchange Act de 1934 (15 USC 78 f (a)) rdquothinsp 7 tratar similarmente todos esses futuros e opções e todos os acordos, contratos ou transações que são funcionalmente ou economicamente semelhantes a tais futuros e opções.8 As regras do varejo devem determinar requisitos apropriados com relação à divulgação, manutenção de registros, capital e margem, relatórios, conduta nos negócios. e os requisitos de documentação e podem incluir outros padrões ou requisitos que a agência reguladora federal considere necessários.9 Essa emenda da Lei Dodd-Frank ao CEA entrará em vigor 360 dias a partir da promulgação de o ato. 10 Portanto, a partir de 16 de julho de 2011, os bancos nacionais, agências e agências federais de bancos estrangeiros e subsidiárias operacionais dos precedentes (coletivamente, bancos nacionais) não podem se envolver em uma operação de varejo forex exceto de acordo com as regras de forex de varejo emitidas pela OCC. Além disso, em 21 de julho de 2011, o OCC se tornará a agência bancária federal apropriada para associações de poupança federais. 11 O OCC planeja regular as transações de varejo de forex conduzidas pelas associações de poupança federais sob os mesmos termos que nesta regra. No entanto, o OCC não pode emitir regulamentações que regulem as associações federais de poupança até 21 de julho de 2011. Portanto, o OCC espera publicar nesta data uma regra final provisória com pedido de comentário público que amplia o escopo deste regulamento para cobrir as associações de poupança federais. II. Visão geral da regra proposta e ações relacionadas Em 10 de setembro de 2010, a Comissão de Negociação de Futuros de Commodities (Commodity Futures Trading Commission - CFTC) emitiu uma regra de forex de varejo para pessoas sujeitas à sua jurisdição. 12 Em 22 de abril de 2011, o OCC propôs uma regra de forex de varejo para bancos nacionais modelados na regra de forex de varejo de CFTCs. 13 O OCC decidiu modelar sua regra de forex de varejo na regra das CFTCs para promover a comparabilidade regulatória e porque a CFTC desenvolveu sua regra de forex de varejo com o benefício de mais de 9.100 comentários de uma série de comentadores, incluindo indivíduos que negociam forex, intermediários, registradores da CFTC atualmente servindo como contrapartes em transações forex de varejo, associações comerciais ou coalizões de participantes do setor, um comitê de uma associação de advogados do condado, uma associação de futuros registrados e vários escritórios de advocacia representando clientes institucionais. O OCC propôs autorizar os bancos nacionais a se envolverem em transações forex de varejo e sujeitar essas transações a exigências relacionadas à divulgação, manutenção de registros, capital e margem, relatórios, conduta nos negócios e documentação. Em 17 de maio de 2011, a Corporação Federal de Seguro de Depósito (FDIC) propôs uma regra de forex de varejo para entidades para as quais é a agência bancária apropriada sob a Lei Federal de Seguro de Depósito. 14 As propostas dos CCOs e das FDICs foram substancialmente semelhantes. III Comentários sobre a Proposta de Regra O período de comentários para a proposta de lei de câmbio de varejo OCC terminou em 23 de maio de 2011. O OCC recebeu um total de três comentários até essa data. Destes, um foi submetido por um grande banco que se envolve em transações forex de varejo (o comentador) e dois foram submetidos por indivíduos. Os dois últimos comentários não se referiam à proposta. O comentarista geralmente apoiava a regra proposta pelos OCCs enquanto solicitava certos esclarecimentos e mudanças. Os comentários dos comentadores para seções específicas da proposta são abordados na Análise Seção por Seção abaixo. À luz dos comentários recebidos, a regra final, na maior parte, é semelhante à regra proposta, as mudanças significativas são descritas na análise Seção por Seção. No preâmbulo da proposta, o OCC indicou que as transacções de forex a retalho estão sujeitas à Declaração Interagencial sobre as Vendas a Retalho da Nondeposit Investment Products (Declaração de Política NDIP). 15 A Declaração de Política NDIP define a orientação sobre as expectativas dos CCOs quando um banco nacional se envolve na venda de produtos de investimento não deposito para clientes de varejo. A Declaração de Política do NDIP aborda questões como divulgação, adequação, práticas de vendas, remuneração e conformidade. Na proposta, o OCC solicitou comentários sobre se a aplicação da Declaração de Política do NDIP criava problemas que o OCC deveria abordar. O comentador disse que a Declaração de Política NDIP não deveria se aplicar a transações de varejo, afirmando que a regra de varejo, sozinha, seria suficiente para proteger clientes de varejo, e a imposição da Declaração de Política NDIP sobre transações de varejo criaria confusão e ambigüidade . Não foram identificadas disposições específicas, no entanto, que criam confusão ou ambiguidade. O comentarista argumentou ainda que, como a Declaração de Política NDIP não se aplica a registrantes da CFTC, sua aplicação em transações de varejo de forex não promoveria um tratamento regulatório consistente de transações de varejo de forex. O OCC acredita que é apropriado aplicar a Declaração de Política NDIP às transações de varejo de forex. As proteções de consumidor que a Declaração de Política NDIP fornece não são menos importantes para transações de varejo de forex do que para outros produtos de investimento não deposicionais. Além disso, não há conflito direto entre essa regra e a Declaração de Política NDIP porque a declaração exige que os bancos nacionais desenvolvam políticas e procedimentos para garantir que as vendas de produtos de investimento não-descontínuos sejam conduzidas em conformidade com as leis e regulamentações aplicáveis. 16 Se um banco nacional tiver dúvidas sobre como a Declaração de Política NDIP se aplica ao seu negócio forex de varejo, ele deve buscar esclarecimento de seus examinadores. IV. Secção seccional de análise Section 48.1mdashAuthority, Purpose, and Scope Esta secção autoriza um banco nacional a realizar transacções forex de retalho. O OCC solicitou comentários sobre se a regra de forex de varejo deve se aplicar a bancos estrangeiros que realizam transações de varejo no exterior, seja com clientes dos EUA ou estrangeiros. O comentador respondeu que não há interesse da política dos EUA em aplicar as regras de proteção ao consumidor dos EUA a transações com residentes fora dos EUA conduzidas por filiais estrangeiras. Essas transações estão sujeitas a exigências regulatórias estrangeiras que podem ser inconsistentes com a regra de forex de varejo. Submeter essas transações a dois conjuntos de requisitos regulatórios também colocaria os bancos nacionais em desvantagem competitiva no exterior. O OCC reconhece as preocupações levantadas pelo comentarista. Transações forex de varejo entre uma agência estrangeira de um banco nacional e um cliente fora dos EUA estão sujeitas a qualquer divulgação, manutenção de registros, capital, margem, relatório, conduta comercial, documentação e outros requisitos aplicáveis da lei estrangeira aplicável. Portanto, essas transações não estão sujeitas aos requisitos de sectectinsp48.3 e 48.5 a 48.16. Seção 48.2mdashDefinitions Esta seção define termos específicos para transações forex de varejo e para os requisitos regulatórios que se aplicam a transações forex de varejo. A definição de operações forex geralmente inclui as seguintes transações em moeda estrangeira entre um banco nacional e uma pessoa que não é um participante elegível do contrato: uma bolsa nacional de valores mobiliários registrada 19 e (iii) certas transações alavancadas, com margem ou financiadas por bancos, 20 incluindo operações de câmbio à vista. A definição geralmente rastreia a linguagem estatutária na seção 2 (c) (2) (B) e (C) do CEA. 21 Certas transacções em moeda estrangeira não são operações de forex ordinárias. Por exemplo, uma transacção forex spot em que uma moeda é comprada por outra e as duas moedas são trocadas dentro de dois dias não satisfaria a definição de transacção forex de ldquoretail. , a transação forex não inclui um contrato a termo que cria uma obrigação executável de fazer ou receber entrega, desde que cada contraparte tenha a capacidade de entregar e aceitar a entrega em conexão com sua linha de negócios. 23 Além disso, a definição não inclui transações realizadas por meio de uma troca, porque nesses casos a contraparte seria a contraparte do banco nacional e do cliente forex de varejo, em vez do banco nacional diretamente voltado para o forex de varejo. cliente. A regra proposta buscava comentar se as transações forex alavancadas, com margem ou financiadas pelo banco, incluindo transações spot forex (chamadas de contratos Zelener Thinsp 24), deveriam ser reguladas como transações de varejo de varejo que o OCC acreditava que deveriam. 25 O comentador apoiou a inclusão de transações forex de rolling spot na definição de transação de forex ldquoretail. rdquo Uma transação de forex spot rolling requer a entrega de moeda dentro de dois dias, como transações à vista. No entanto, na prática, os contratos são renovados indefinidamente a cada dois dias e nenhuma moeda é efetivamente entregue até que uma das partes feche a posição afirmativamente. 26 Portanto, os contratos são economicamente mais parecidos com contratos futuros do que contratos à vista, embora os tribunais os tenham mantido em contratos à vista. 27 Como a regra de forex de varejo da CFTC e a regra de forex de varejo proposta pelo FDIC, a definição de regras finais de operação de forex de ldquoretail inclui transações forex de ponto-a-ponto alavancadas, com margem ou financiadas pelo banco, bem como outras alavancadas, com margens ou financiadas pelo banco. transações forex. O comentarista pediu esclarecimentos que os forex não seriam incluídos na definição, porque as transações que convertem ou trocam moedas reais para qualquer propósito comercial ou de investimento são um produto tradicional oferecido por bancos nacionais e não levantam questões de proteção ao consumidor associadas a futuros ou rolagem. transações forex spot. O OCC concorda que um forex forward que não é alavancado, marginalizado ou financiado pelo banco nacional não atende à definição de transação de forex de ldquoretail. rdquo No entanto, um forward forex financiado por banco alavancado, com margem ou financiado é uma transação de forex de varejo cria uma obrigação exequível de entregar entre um vendedor e um comprador que têm a capacidade de entregar e aceitar a entrega, respectivamente, em conexão com sua linha de negócios, 28 ou a OCC determina que o encaminhamento não é funcional ou economicamente semelhante a um forex futuro ou opção, conforme descrito abaixo. A regra final contém uma provisão que permite ao OCC isentar transações específicas ou tipos de transações da terceira ponta da transação forex de ldquoretail. O OCC está preocupado com o fato de que certos produtos bancários tradicionais, que são distinguíveis de operações especulativas de câmbio spot cambiais, possam cair inadvertidamente na definição de transação forex de forex, como transações forex alavancadas, com margens ou financiadas por bancos. Esse resultado não foi planejado pela Lei Dodd-Frank, que exige que as regras do forex de varejo tratem transações similares que sejam funcional ou economicamente semelhantes aos futuros ou opções de forex. 29 Os bancos nacionais podem buscar a determinação de que uma determinada transação ou tipo de transação não se enquadra na terceira parte da transação de forex de ldquoretail, ao enviar uma solicitação por escrito ao OCC. O comentarista solicitou a confirmação de que as contas de depósito com recursos de câmbio estão fora do escopo da regra. A Lei da Lei de Produtos Bancários de 2000, conforme alterada pela Lei Dodd-Frank, geralmente isenta produtos bancários não identificados do CEA. 30 Os produtos bancários identificados incluem: contas de depósito, cadernetas de poupança, certificados de depósito ou outros instrumentos de depósito emitidos por aceites de bancos bancários, cartas de crédito emitidas ou empréstimos feitos por uma conta bancária em banco resultante de um cartão de crédito ou acordo semelhante e determinadas participações de empréstimos. 31 Como os produtos bancários identificados não estão sujeitos ao CEA, eles não são proibidos pela seção 2 (c) (2) (E) (ii) do CEA. Para fornecer clareza, a regra final exclui produtos bancários identificados da definição de transações forex ldquoretail. rdquo Produtos bancários identificados que incorporaram recursos de câmbio, por exemplo, uma conta de depósito em que o cliente pode depositar fundos em uma moeda e retirar fundos em outra moeda. , não são transações forex de varejo. Esta seção define vários termos por referência ao CEA, o mais importante dos quais é o participante de contrato elegível. As transações em moeda estrangeira com participantes de contrato elegíveis não são consideradas transações de varejo e, portanto, não estão sujeitas a essa regra. Além de uma variedade de entidades financeiras, certas entidades governamentais, empresas e indivíduos podem ser participantes do contrato elegíveis. 32 Seção 48.3mdash Transações Proibidas Esta seção proíbe um banco nacional e suas partes afiliadas à instituição de se envolver em conduta fraudulenta em conexão com transações de varejo de forex. Esta seção também proíbe que um banco nacional atue como uma contraparte em uma transação de forex de varejo se o banco nacional ou sua afiliada exercer discricionariedade sobre a conta de forex de varejo do cliente, porque o OCC considera essa negociação como inadequada. O OCC não recebeu comentários para esta seção e a adota como proposto. Start Impresso Página 41378 Seção 48.4mdash Não-Objeção Supervisória Esta seção requer que um banco nacional obtenha uma não-objeção de supervisão por escrito antes de se envolver em um negócio forex de varejo. Para obter tal não-objeção, o banco nacional terá que fornecer as informações que o OCC considerar necessárias para determinar que o banco nacional satisfaria as exigências da regra. Essas informações incluirão informações sobre: diligência devida do cliente (incluindo avaliações de crédito, adequação ao cliente e qualificação do cliente) e novas aprovações de aprovações de produtos para margem não-caixa e conflitos de interesse. Além disso, o banco nacional deve estabelecer que possui políticas, procedimentos e medições de risco e sistemas e controles de gestão adequados. Os bancos nacionais envolvidos em transações de varejo a partir da data de vigência desta regra que solicitar imediatamente a revisão dos OCCs de seus negócios de varejo terão seis meses, ou um período mais longo fornecido pelo OCC, para colocar suas operações em conformidade com a regra. Sob esta regra, um banco nacional que solicita a revisão dos OCCs dentro de 30 dias da data efetiva da regra do forex de varejo final e submete tais informações como o OCC pode solicitar dentro do prazo que o OCC fornece será considerado como operando seu negócio forex de varejo de acordo com uma regra ou regulamento de uma agência reguladora Federal, conforme exigido pelo CEA, para tal período. 33 Um banco nacional não precisa aderir a uma organização de autorregulamentação de futuros como condição para conduzir um negócio de varejo de forex. O comentarista apoiou a adoção desta seção e o OCC a adota como proposto. Seção 48.5mdashApplication and Closing Out of Offsetting Posições longas e curtas Esta seção requer que um banco nacional feche as posições longas e curtas em uma conta de varejo. O banco nacional teria que compensar tais posições independentemente de o cliente ter instruído o contrário. A CFTC concluiu que a manutenção de posições longas e curtas abertas em uma conta de clientes forex retira a oportunidade para o cliente lucrar com as transações, aumenta as taxas pagas pelo cliente e convida o abuso. 34 O OCC concordou com essa preocupação na notificação da regulamentação proposta. O comentarista afirmou que um cliente deve ter permissão para fornecer instruções com relação à maneira pela qual a transação forex de clientes é compensada quando: (i) o cliente mantém contas separadas gerenciadas por consultores diferentes (ii) o cliente mantém contas separadas usando diferentes estratégias de negociação ou (iii) o cliente emprega diferentes estratégias de negociação em uma conta e aplica certas ordens para gerenciar o risco dessa exposição. O comentarista também procurou esclarecer que um cliente poderia fornecer instruções específicas de compensação por escrito ou oralmente, e que essas instruções podem ser feitas de maneira geral. A OCC concorda que um cliente deve ser capaz de compensar as transações de varejo de uma determinada maneira, se assim o desejar. O parágrafo (c) foi modificado para estabelecer que, não obstante as regras de compensação padrão nos parágrafos (a) e (b), o banco nacional deve compensar transações de varejo de acordo com as instruções específicas do cliente. As instruções gerais não são suficientes para esse propósito, pois elas poderiam evitar a regra padrão. No entanto, as instruções de compensação não precisam ser fornecidas separadamente para cada par de pedidos para que sejam ldquospecific. rdquo As instruções que se aplicam a conjuntos de transações suficientemente definidos podem ser específicas o suficiente. Por fim, de acordo com as alterações feitas na seção 48.12, os clientes forex de varejo podem fazer instruções de compensação por escrito ou oralmente. O banco nacional deve criar e manter um registro de cada instrução de compensação. 35 Seção 48.6mdashdisclosure Esta seção exige que um banco nacional forneça aos clientes de varejo uma declaração de risco semelhante àquela exigida pela regra de forex de varejo da CFTCs, mas adaptada para atender a certas características exclusivas do forex de varejo nos bancos nacionais. A declaração de divulgação de risco prescrita descreveria os riscos associados às transações de varejo de forex. O comentador concordou com a necessidade de uma declaração robusta de divulgação de risco, mas sugeriu que uma declaração mais curta, mais clara, mais direta e menos redundante seria mais eficaz. A regra final incorpora várias alterações nas divulgações para eliminar redundâncias, abordar ambiguidades e transmitir as informações com mais clareza. A proposta solicitou comentários sobre se a declaração de risco deve divulgar a porcentagem de contas de varejo rentáveis. O comentarista disse que divulgar a proporção de contas forex de varejo lucrativas para não lucrativas não é útil porque esses índices dependem de muitos fatores (incluindo a perícia de negociação dos clientes) e poderia sugerir que um banco nacional é uma contrapartida forex de varejo mais atraente do que outro. Em sua regra de forex de varejo, a CFTC exige que seus registrantes divulguem aos clientes de varejo o percentual de contas forex de varejo que obtiveram um lucro e a porcentagem de tais contas que experimentaram uma perda durante cada um dos quatro trimestres mais recentes. 36 A CFTC explicou que a grande maioria dos clientes de varejo que participam dessas transações o fazem apenas para fins especulativos e que relativamente poucos desses participantes negociam com lucro. 37 Em sua regra final, a CFTC considerou esse requisito apropriado para proteger os clientes de varejo de conflitos inerentes às operações do setor forex de varejo de balcão. 38 O OCC concorda com a CFTC e a regra final exige essa divulgação. A proposta solicitou comentários sobre se a declaração de risco deve incluir uma divulgação de que, quando um cliente de varejo perde dinheiro, o negociante ganha dinheiro. O comentarista disse que essa divulgação é imprecisa porque o banco imediatamente protege as transações de varejo ou faz transações semelhantes e, portanto, não lucra com as flutuações da taxa de câmbio. O analista argumentou que é mais preciso informar os clientes de que o banco pode ou não marcar as transações (ou reduzir) ou aplicar taxas de comissão a transações que criarão renda para o banco. A OCC entende que o modelo econômico de um negócio forex de varejo pode ser lucrar com spreads, taxas e comissões. No entanto, como um banco nacional envolvido em transações forex de varejo é negociado como principal, por definição, quando o cliente forex de varejo perde dinheiro em uma transação forex de varejo, o banco nacional ganha dinheiro com essa transação. O OCC acredita, portanto, que essa divulgação é precisa e ajuda os potenciais clientes forex de varejo a entender a natureza das transações forex de varejo. Da mesma forma, a regra de forex de varejo da CFTCs requer uma divulgação de que quando um cliente de varejo perde dinheiro, o negociante ganha dinheiro em tais transações, além de quaisquer taxas, comissões ou spreads. 39 A regra final inclui este requisito de divulgação. A proposta perguntava se seria conveniente para os bancos nacionais e os clientes de varejo de forex permitir que a divulgação de risco de varejo de varejo fosse combinada com outras divulgações que os bancos nacionais fazem a seus clientes. O comentarista solicitou ao OCC que confirmasse que os bancos nacionais poderiam adicionar tópicos à declaração de risco. O OCC está preocupado que a eficácia da revelação possa ser diminuída se cercada por outros tópicos. Portanto, a regra final exige que a declaração de risco de divulgação seja dada a potenciais clientes forex de varejo, conforme estabelecido na regra. Os bancos nacionais podem descrever e fornecer informações adicionais sobre transações de varejo em um documento separado. O autor do comentário solicitou ainda ao OCC que confirmasse que a declaração de risco pode ser anexada a contratos ou formulários de abertura de conta e que uma única assinatura do cliente em um contrato de conta combinada e formulário de divulgação pode ser usada desde que o cliente seja direcionado e reconhece a declaração de divulgação de risco imediatamente antes da linha de assinatura. O OCC acredita que um documento de divulgação de riscos separado destaca adequadamente os riscos nas transações de varejo de forex e que exigir uma assinatura separada para a divulgação de risco separada chama adequadamente a atenção de potenciais clientes de varejo para a declaração de risco. No entanto, um banco nacional pode anexar a divulgação de risco a um documento relacionado, como o contrato de conta. A proposta solicitou comentários sobre se a declaração de risco deve incluir uma divulgação das taxas que o banco nacional cobra dos clientes forex de varejo. O comentarista concordou que a divulgação de taxas é apropriada, mas não deve incluir a receita proveniente da cobertura de posições de clientes de varejo ou fluxos de receita não cobrados do cliente. Além disso, o comentarista afirmou que é impraticável declarar numericamente o spread bid / ask, uma vez que pode variar. A regra final, como a regra proposta, não exige que os bancos nacionais divulguem fluxos de renda que não sejam cobrados do cliente varejista de forex. No entanto, um banco nacional deve fazer mais do que simplesmente descrever os meios pelos quais obtém receita. Na medida do possível, deve quantificar as taxas, encargos, spreads ou comissões que o banco nacional pode impor ao cliente forex varejista em conexão com a conta de forex varejista do cliente ou uma transação forex de varejo. 40 O OCC acredita ainda que a divulgação do spread bid / ask é possível de várias maneiras. Se um banco nacional basear seus preços fora dos preços fornecidos por um terceiro, então o banco nacional pode divulgar o uso do preço de terceiros e a marcação cobrada dos clientes forex de varejo. Alternativamente, o banco nacional pode divulgar o spread bid / ask citando os preços de compra e venda para os clientes forex de varejo antes de entrar em uma transação forex de varejo. Essas cotações podem ser fornecidas como parte de uma plataforma de negociação eletrônica ou, após um cliente forex de varejo chamar o banco nacional para uma transação de forex de varejo, fornecendo um preço de compra e venda para a transação. O autor da leitura leu a divulgação para sugerir que o banco nacional não pode tentar recuperar perdas não cobertas por uma conta de margem de clientes através de um fórum apropriado de resolução de litígios e pediu ao OCC para confirmar que não era esse o caso. A Seção 48.9 (d) (4) exige que um banco nacional, no caso de uma margem de clientes de varejo forex, caia abaixo da quantia necessária para satisfazer a exigência de margem: (1) Coletar margem suficiente do cliente forex de varejo ou (2) liquidar os clientes de varejo de forex transações de varejo de forex. A regra final não proíbe que um banco nacional tente recuperar uma deficiência de um cliente forex de varejo em um local apropriado. A divulgação foi revisada para esclarecer esse fato. Finalmente, o comentarista disse que a divulgação sobre a disponibilidade de seguro FDIC para transações de varejo forex deve ser esclarecida. A divulgação exige que um banco nacional declare que as transações de varejo forex não são seguradas pelo FDIC. O comentarista concordou com essa afirmação. Observou, no entanto, que os fundos de margem podem ser depósitos garantidos. O status de fundos segurados pelo FDIC mantidos em uma conta de margem forex de varejo dependerá de tais fundos serem mantidos de uma maneira que atenda aos requisitos da Lei Federal de Seguro de Depósito e seus regulamentos de implementação. Os bancos nacionais podem divulgar com precisão a disponibilidade do seguro FDIC para contas de margem de varejo em um documento separado, conforme permitido por lei. Seção 48.7mdashRecordagem Esta seção especifica quais documentos e registros que um banco nacional envolvido em transações forex de varejo devem reter para exame pelo OCC. Esta seção também prescreve padrões de manutenção de documentos. O OCC observa que os registros podem ser mantidos eletronicamente, conforme permitido pelas Assinaturas Eletrônicas na Lei de Comércio Global e Nacional. 41 O OCC não recebeu comentários sobre esta seção. Os requisitos de manutenção de registros encontrados na seção 48.13 (a) (3) da regra proposta foram movidos para essa seção para centralizar os requisitos de manutenção de registros em uma seção. Além disso, os requisitos de manutenção de registros foram modificados para acomodar ordens orais e instruções de compensação. Um banco nacional deve criar uma gravação de áudio de ordens orais e instruções de compensação. Seção 48.8mdashCapital Requirements Esta seção exige que um banco nacional que ofereça ou realize transações de forex de varejo deve ser capitalizado, como definido no regulamento de ação corretiva do OCC. 42 Além disso, um banco nacional deve continuar a deter capital contra transações de varejo a varejo, conforme previsto no regulamento de capital do OCC. 43 Esta regra não altera o regulamento de ação corretiva nem o regulamento de capital. A regra proposta continha uma disposição que permitia ao OCC isentar um banco nacional do requisito bem capitalizado. Esta disposição foi removida à luz da reserva geral de autoridade em sectthinsp48.17. Parágrafo 48.9mdashMargem Requisitos Parágrafo (a) requer que um banco nacional que se envolva em transações de varejo forex, antes de qualquer transação, coletar da margem de varejo forex igual a pelo menos 2% do valor nocional da transação forex de varejo se a transação está em um par de moedas principais e pelo menos 5% do valor nocional da transação de varejo de outra forma. Estes requisitos de margem são idênticos aos requisitos impostos pela regra de forex de varejo da CFTC. A proposta solicitou comentários sobre se deveria definir as principais moedas na regra final, mas não recebeu nenhuma. A regra final adota a abordagem de propostas para identificar as principais moedas. Um par de moedas principais é um par de moedas com duas moedas principais. As principais moedas impressas no momento são o Dólar Americano (USD), Dólar Canadense (CAD), Euro (EUR), Libra Esterlina (GBP), Iene Japonês (JPY), Franco Suíço (CHF), Dólar da Nova Zelândia ( NZD), Australian Dollar (AUD), Swedish Kronor (SEK), Danish Kroner (DKK), and Norwegian Krone (NOK). 44 An evolving market could change the major currencies, so the OCC is not proposing to define the term ldquomajor currency, rdquo but rather expects that national banks will obtain an interpretive letter from the OCC prior to treating any currency other than those listed above as a ldquomajor currency. rdquothinsp 45 For retail forex transactions, margin protects the retail forex customer from the risks related to trading with excessive leverage. The volatility of the foreign currency markets exposes retail forex customers to substantial risk of loss. High leverage ratios can significantly increase a customers losses and gains. Even a small move against a customers position can result in a substantial loss. Even with required margin, losses can exceed the margin posted and, if the account is not closed out, and, depending on the specific circumstances, the customer could be liable for additional losses. Given the risks that are inherent in the trading of retail forex transactions by retail customers, the only funds that should be invested in such transactions are those that the customer can afford to lose. Prior to the CFTCs rule, nonbank dealers routinely permitted customers to trade with 1 percent margin (leverage of 100:1) and sometimes with as little as 0.25 percent margin (leverage of 400:1). When the CFTC proposed its retail forex rule in January 2010, it proposed a margin requirement of 10 percent (leverage of 10:1). In response to comments, the CFTC reduced the required margin in the final rule to 2 percent (leverage of 50:1) for trades involving major currencies and 5 percent (leverage of 20:1) for trades involving non-major currencies. The proposal requested comment on whether these margin requirements were appropriate to protect retail forex customers. The commenter did not object to the amount of margin required. However, the commenter suggested that the margin required by this paragraph should be initial margin rather than maintenance margin. The commenter also suggested that national banks be allowed to set maintenance margin levels as a matter of the banks credit and risk policies in a manner that balances (i) protecting customers from a forced close-put of their positions as soon as an adverse market move erodes margin under the 2 or 5 percent minimum level with (ii) the need to promptly collect margin and close out positions when a customer fails to meet a margin call. The commenter also suggested that customers should have some reasonable time to meet margin calls before they are deemed to have defaulted and face a forced liquidation of their positions. Subject to reasonable collection times as described below, a national bank must ensure that there is always sufficient margin in a retail forex customers margin account for the customers open retail forex transactions. If the amount of margin in a retail forex customers margin account is insufficient to meet the requirements of paragraph (a), then sectthinsp48.9(d)(4) requires the national bank to make a margin call to replenish the margin account to an acceptable level and, if the customer does not comply with the margin call, to liquidate the retail forex customers retail forex transactions. Retail forex customers should have a reasonable amount of time to post required margin for retail forex transactions. Market practice is for retail forex counterparties to make margin calls at the close of trading on a trading day based on margin levels at the end of that day or at the open of trading on the next trading day based on margin levels at the end of that prior day. If the retail forex customer does not post sufficient margin by the end of the next close of trading, then the retail forex counterparty liquidates the customers retail forex account. In other words, by the close of business on a given trading day, the margin account must be sufficient to meet the margin requirements as at the end of the prior trading day. Paragraph (b) specifies the acceptable forms of margin that customers may post. National banks must establish policies and procedures providing for haircuts for noncash margin collected from customers and must review these haircuts annually. It may be prudent for national banks to review and modify the size of the haircuts more frequently. The OCC requested comment on whether the final rule should specify haircuts for noncash margin. The OCC received no comments on this paragraph and adopts this paragraph as proposed. Paragraph (c) requires a national bank to hold each retail forex customers retail forex transaction margin in a separate account. This paragraph is designed to work with the prohibition on set-off in paragraph (e), so that a national bank may not have an account agreement that treats all of a retail forex customers assets held by a bank as margin for retail forex transactions. The commenter requested clarification that this paragraph allows national banks to place margin into an omnibus or commingled account for operational convenience, provided that the bank keeps records of each customers margin balance. A national bank may place margin collected from retail forex customers into an omnibus or commingled account if the bank keeps records of each retail forex customers margin balance. A ldquoseparate accountrdquo is one separate from the retail forex customers other accounts at the bank. For example, margin for retail forex transactions cannot be held in a retail forex customers savings account. Funds in a savings account pledged as retail forex margin must be transferred to a separate margin account, which could be an individual or an omnibus margin account. The final rule contains slightly modified language to clarify this intent. The FDIC-insured status of funds held in an omnibus account will depend on whether such funds are held in a manner that meets the requirements of the Federal Deposit Insurance Act and its implementing regulations. Paragraph (d) requires a national bank to collect additional margin from the customer or to liquidate the customers position if the amount of margin held by the national bank fails to meet the requirements of paragraph (a). The proposed rule would have required the national bank to mark the customers open retail forex positions and the value of the customers margin to the market daily to ensure that a retail forex customer does not accumulate substantial losses not covered by margin. The proposal requested comment on how frequently retail forex customers margin accounts should be marked to market. The commenter asked that the final rules permit marking to market more frequently than daily if the national banks systems and customer agreements permit. The final rule, like the proposed rule, requires marking to market at least once per day. Nothing in paragraph (d) forbids a more frequent schedule. Start Printed Page 41381 Paragraph (e) prohibits a national bank from applying a retail forex customers retail forex obligations against any asset or liability of the retail forex customer other than money or property pledged as margin. 46 A national banks relationship with a retail forex customer may evolve out of a prior relationship of providing financial services or may evolve into such a relationship. Thus, it is more likely that a national bank acting as a retail forex counterparty will hold other assets or liabilities of a retail forex customer, for example a deposit account or mortgage, than a retail forex dealer regulated by the CFTC. The OCC believes that it is inappropriate to allow a national bank to leave trades open and allow additional obligations to accrue that can be applied against a retail forex customers other assets or liabilities held by the national bank. However, should a retail forex customers retail forex obligations exceed the amount of margin he or she has pledged, this rule does not forbid a national bank from seeking to recover the deficiency in an appropriate forum, such as a court of law. Paragraph (e) does not apply to debts a retail forex customer owes to a national bank as recognized in a judgment of a court of competent jurisdiction. The commenter suggested that retail forex customers should be able to pledge assets other than those held in the customers margin account. For example, a customer could nominate a deposit account as containing margin for its retail forex transactions. Nothing in this rule prevents retail forex customers from pledging other assets they have at the bank as margin for retail forex transactions. However, once those assets are pledged as margin, the national bank must transfer them to the separate margin account. For example, if a retail forex customer pledges 500 in her checking account as margin, then the bank must deduct 500 from the checking account and place 500 in the margin account. The OCC believes this transfer appropriately alerts retail forex customers to the nature of the pledge. A national bank may not evade this requirement by merely taking a security interest in assets pledged as margin: pledged assets must be placed in a separate margin account. Section 48.10mdashRequired Reporting to Customers This section requires a national bank engaging in retail forex transactions to provide each retail forex customer a monthly statement and confirmation statements. The proposal sought comment on whether this section provides for statements that would be useful and meaningful to retail forex customers or whether other information would be more appropriate. The commenter sought clarification that the statements may be provided electronically, and also suggested that retail forex customers would be better served with continuous online access to account information rather than monthly statements. The OCC encourages national banks to provide real-time, continuous access to account information. This rule does not prevent national banks from doing so. However, the OCC believes it is valuable to require national banks to provide retail forex account information to retail forex customers at least once per month. Monthly statements may be provided electronically as permitted under the Electronic Signatures in Global and National Commerce Act. 47 Section 48.11mdashUnlawful Representations This section prohibits a national bank and its institution-affiliated parties from representing that the Federal government, the OCC, or any other Federal agency has sponsored, recommended, or approved retail forex transactions or products in any way. This section also prohibits a national bank from implying or representing that it will guarantee against or limit retail forex customer losses or not collect margin as required by sectthinsp48.9. This section does not prohibit a national bank from sharing in a loss resulting from error or mishandling of an order. Guaranties entered into prior to effectiveness of the prohibition would only be affected if an attempt is made to extend, modify, or renew them. This section also does not prohibit a national bank from hedging or otherwise mitigating its own exposure to retail forex transactions or any other foreign exchange risk. The OCC received no comments to this section and adopts it as proposed. Section 48.12mdashAuthorization to Trade The proposed rule required national banks to have specific written authorization from a retail forex customer before effecting a retail forex transaction. The commenter said that requiring specific written authorization from a retail forex customer before effecting a retail forex transaction for that customer would be burdensome and detrimental to the customers interests, if, for example, the customer cannot convey written instructions because of technical difficulties. The OCC agrees with this concern and further notes that the CFTCs retail forex rule does not require written authorization for each retail forex transaction. The final rule requires a national bank to obtain a retail forex customers specific authorization (written or oral) to effect a particular trade. National banks must keep records of authorizations to trade pursuant to this rule. Section 48.13mdashTrading and Operational Standards This section largely follows the trading standards of the CFTCs retail forex rule, which were developed to prevent some of the deceptive or unfair practices identified by the CFTC and the National Futures Association. Under paragraph (a), a national bank engaging in retail forex transactions is required to establish and enforce internal rules, procedures, and controls (1) to prevent front running, a practice in which transactions in accounts of the national bank or its related persons are executed before a similar customer order and (2) to establish settlement prices fairly and objectively. The commenter requested clarification that the prohibition on front running applies only when the person entering orders for the banks account or the account of related persons has knowledge of unexecuted retail customer orders, and that a national bank may comply with this provision by erecting a firewall between the retail forex order book and other forex trading desks. The final rule requires national banks to establish reasonable policies, procedures, and controls to address front running. This provision is designed to prevent the national banks from unfairly taking advantage of information they gain from customer trades. Effective firewalls and information barriers are reasonable policies, procedures, and controls to ensure that a national bank does not take unfair advantage of its retail forex customers. The final rule clarifies paragraph (a) accordingly. Paragraph (b) prohibits a national bank engaging in retail forex transactions from disclosing that it Start Printed Page 41382 holds another persons order unless disclosure is necessary for execution or is made at the OCCs request. The OCC received no comments on this paragraph and adopts this paragraph as proposed. Paragraph (c) ensures that related persons of another retail forex counterparty do not open accounts with a national bank without the knowledge and authorization of the account surveillance personnel of the other retail forex counterparty with which they are affiliated. Similarly, paragraph (d) ensures that related persons of a national bank do not open accounts with other retail forex counterparties without the knowledge and authorization of the account surveillance personnel of the national bank with which they are affiliated. The commenter requested confirmation that national banks may rely on a representation of potential customers that they are not affiliated with a retail forex counterparty. Paragraph (c) prohibits a national bank from knowingly handling the retail forex account of a related person of a retail forex counterparty. To the extent reasonable, national banks may rely on representations of potential retail forex customers. If, however, a national bank has actual knowledge that a retail forex customer is a related person of a retail forex counterparty, then no representation by the customer will allow the bank to handle that retail forex account. A national bank should inquire as to whether a potential retail forex customer is related to a retail forex counterparty to avoid violating paragraph (c) through willful ignorance. The commenter also requested clarification that these paragraphs apply only to employees of firms that offer retail forex transactions, and, in the case of banks, only employees of the retail forex business and not any employee of the bank that offers retail forex transactions. The OCC agrees that the prohibitions in paragraph (c) and (d) should only apply to employees working in the retail forex business paragraphs (c) and (d) are designed to prevent evasion of the prohibition against front running. The final rule clarifies this point. Paragraph (e) prohibits a national bank engaging in retail forex transactions from (1) entering a retail forex transaction to be executed at a price that is not at or near prices at which other retail forex customers have executed materially similar transactions with the national bank during the same time period, (2) changing prices after confirmation, (3) providing a retail forex customer with a new bid price that is higher (or lower) than previously provided without providing a new ask price that is similarly higher (or lower) as well, and (4) establishing a new position for a retail forex customer (except to offset an existing position) if the national bank holds one or more outstanding orders of other retail forex customers for the same currency pair at a comparable price. Paragraph (e)(3) does not prevent a national bank from changing the bid or ask prices of a retail forex transaction to respond to market events. The OCC understands that market practice among CFTC-registrants is not to offer requotes but to simply reject orders and advise customers they may submit a new order (which the dealer may or may not accept). Similarly, a national bank may reject an order and advise customers that they may submit a new order. The proposal sought comment on whether paragraph (e)(3) appropriately protected retail forex customers or whether a prohibition on re-quoting would be simpler. The commenter argued that the prohibition on re-quoting in paragraph (e)(3) is overly broad and should permit new bids or offers to reflect updated spreads. In the alternative, the commenter suggested prohibiting re-quoting and requiring that, in the event an order is not confirmed, the customer must submit a new order at the then-currently displayed price. As stated above, rather than allowing requotes, a national bank may reject orders and request that customers submit a new order. Paragraph (e)(3) is consistent with the CFTCs retail forex rule and the OCC adopts it as proposed. Paragraph (e)(4) requires a national bank engaging in retail forex transactions to execute similar orders in the order they are received. The prohibition prevents a national bank from offering preferred execution to some of its retail forex customers but not others. Section 48.14mdashSupervision This section imposes on a national bank and its agents, officers, and employees a duty to supervise subordinates with responsibility for retail forex transactions to ensure compliance with the OCCs retail forex rule. The proposal requested comment on whether this section imposed requirements not already encompassed by safety and soundness standards. Having received no comments to this section, the OCC adopts it as proposed. Section 48.15mdashNotice of Transfers This section describes the requirements for transferring a retail forex account. Generally, a national bank must provide retail forex customers 30 days prior notice before transferring or assigning their account. Affected customers may then instruct the national bank to transfer the account to an institution of their choosing or liquidate the account. There are three exceptions to the above notice requirement: a transfer in connection with the receivership or conservatorship under the Federal Deposit Insurance Act a transfer pursuant to a retail forex customers specific request and a transfer otherwise allowed by applicable law. A national bank that is the transferee of retail forex accounts must generally provide the transferred customers with the risk disclosure statement of sectthinsp48.6 and obtain each affected customers written acknowledgement within 60 days. The OCC received no comments to this section and adopts it as proposed. Section 48.16mdashCustomer Dispute Resolution This section imposes limitations on how a national bank may handle disputes arising out of a retail forex transaction. For example, this section would restrict a national banks ability to require mandatory arbitration for such disputes. The OCC received no comments to this section and adopts is as proposed. Section 48.17mdashReservation of Authority This section allows the OCC to modify certain requirements of this rule consistent with safety and soundness and the protection of retail forex customers. The OCC understands the need for flexibility as foreign exchange products or foreign exchange trading procedures develop and to ensure that such products or trading procedures are subject to appropriate customer protection and safety and soundness standards. V. Regulatory Analysis A. Regulatory Flexibility Act The Regulatory Flexibility Act (RFA), 5 U. S.C. 601 et seq., generally requires an agency that is issuing a proposed rule to prepare and make available for public comment an initial regulatory flexibility analysis that describes the impact of the proposed rule on small entities. The RFA provides that an agency is not required to prepare and publish an initial regulatory flexibility analysis if the agency certifies that the proposed rule will not, if promulgated as a final rule, have a significant economic impact on a substantial number of small entities. Under regulations issued by the Start Printed Page 41383 Small Business Administration, a small entity includes a commercial bank with assets of 175 million or less. 48 This rule as proposed would impose recordkeeping and disclosure requirements on banks, including small banks, which engage in retail forex transactions with their customers. Pursuant to section 605(b) of the RFA, the OCC certified that this rule, as proposed, would not have a significant economic impact on a substantial number of the small entities it supervises. Accordingly, a regulatory flexibility analysis was not required. In making this determination, the OCC estimated that there were no small banking organizations currently engaging in retail forex transactions with their customers. Therefore, the OCC estimates that no small banking organizations under its supervision would be affected by this final rule. B. Paperwork Reduction Act In conjunction with the Notice of Proposed Rulemaking (NPRM), 49 the OCC submitted the information collection requirements contained therein to OMB for review under the Paperwork Reduction Act (PRA). In response, the Office of Management and Budget (OMB) filed comments with the OCC in accordance with 5 CFR 1320.11 (c). The comments indicated that OMB was withholding approval at that time. The Agencies were directed to examine public comment in response to the NPRM and include in the supporting statement of the information collection request (ICR) to be filed at the final rule stage a description of how the agency has responded to any public comments on the ICR, including comments maximizing the practical utility of the collection and minimizing the burden. The OCC received one comment addressing the substance and/or method of the disclosure and reporting requirements contained in the proposed rule. This comment and the OCCs response to the comment is included in the preamble discussion and in a revised Supporting Statement submitted to OMB. The information collection requirements contained in this final rule have been submitted by the OCC to OMB for review and approval under 44 U. S.C. 3506 and 5 CFR part 1320. In accordance with section 3512 of the PRA, 44 U. S.C. 3512. the OCC may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid OMB control number. The information collection requirements are found in sectsectthinsp48.4-48.7, 48.9-48.10, 48.13, and 48.15-48.16. Comments continue to be invited on: (a) Whether the collection of information is necessary for the proper performance of the OCCs functions, including whether the information has practical utility (b) The accuracy of the estimate of the burden of the information collection, including the validity of the methodology and assumptions used (c) Ways to enhance the quality, utility, and clarity of the information to be collected (d) Ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology and (e) Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information. All comments will become a matter of public record. Comments should be addressed to: Communications Division, Office of the Comptroller of the Currency, Public Information Room, Mailstop 2-3, Attention: 1557-0250, 250 E Street, SW. Washington, DC 20219. In addition, comments may be sent by fax to 202-874-5274, or by electronic mail to regsmentsocc. treas. gov . You may personally inspect and photocopy comments at the OCC, 250 E Street, SW. Washington, DC 20219. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling 202-874-4700. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to security screening in order to inspect and photocopy comments. Additionally, you should send a copy of your comments to the OMB Desk Officer, by mail to U. S. Office of Management and Budget, 725 17th Street, NW. 10235, Washington, DC 20503, or by fax to 202-395-6974. Proposed Information Collection Title of Information Collection: Retail Foreign Exchange Transactions. Frequency of Response: On occasion. Affected Public: Businesses or other for-profit. Respondents: National banks and Federal branches and agencies of foreign banks. Reporting Requirements The reporting requirements in sectthinsp48.4 require that, prior to initiating a retail forex business, a national bank provide the OCC with prior notice and obtain a written supervisory non-objection letter. In order to obtain a supervisory non-objection letter, a national bank must have written policies and procedures and risk measurement and management systems and controls in place to ensure that retail forex transactions are conducted in a safe and sound manner. The national bank must also provide other information required by the OCC, such as documentation of customer due diligence, new product approvals, and haircuts applied to noncash margins. A national bank already engaging in a retail forex business may continue to do so, provided it requests an extension of time. Disclosure Requirements Section 48.5, regarding the application and closing out of offsetting long and short positions, requires a national bank to promptly provide the customer with a statement reflecting the financial result of the transactions and the name of the introducing broker to the account. The customer provides specific written instructions on how the offsetting transaction should be applied. Section 48.6 requires that a national bank furnish a retail forex customer with a written disclosure before opening an account that will engage in retail forex transactions for a retail forex customer and receive an acknowledgment from the customer that it was received and understood. It also requires the disclosure by a national bank of its fees and other charges and its profitable accounts ratio. Section 48.10 requires a national bank to issue monthly statements to each retail forex customer and to send confirmation statements following transactions. Section 48.13(b) allows disclosure by a national bank that an order of another person is being held by them only when necessary to the effective execution of the order or when the disclosure is requested by the OCC. Section 48.13(c) prohibits a national bank engaging in retail forex transactions from knowingly handling the account of any related person of another retail forex counterparty unless it receives proper written authorization, promptly prepares a written record of the order, and transmits to the counterparty copies all statements and written records. Section 48.13(d) prohibits a related person of a national bank engaging in forex transactions from having an account with another retail forex counterparty unless the counterparty receives proper written authorization and transmits copies of all statements Start Printed Page 41384 and written records for the related persons retail forex accounts to the national bank. Section 48.15 requires a national bank to provide a retail forex customer with 30 days prior notice of any assignment of any position or transfer of any account of the retail forex customer. It also requires a national bank to which retail forex accounts or positions are assigned or transferred to provide the affected customers with risk disclosure statements and forms of acknowledgment and receive the signed acknowledgments within 60 days. The customer dispute resolution provisions in sectthinsp48.16 requires certain endorsements, acknowledgments, and signature language. Section 48.16 also requires that within 10 days after receipt of notice from the retail forex customer that the customer intends to submit a claim to arbitration, the national bank provides to the customer a list of persons qualified in the dispute resolution, and that the customer must notify the national bank of the person selected within 45 days of receipt of such list. Policies and Procedures Recordkeeping Sections 48.7 and 48.13(a) require that a national bank engaging in retail forex transactions keep full, complete, and systematic records and establish and implement internal rules, procedures, and controls. Section 48.7 also requires that a national bank keep account, financial ledger, transaction and daily records price logs records of methods used to determine bids or asked prices memorandum orders post-execution allocation of bunched orders records regarding its ratio of profitable accounts and possible violations of law records for noncash margin order tickets and monthly statements and confirmations. Section 48.9 requires policies and procedures for haircuts for noncash margin collected under the rules margin requirements and annual evaluations and modifications of the haircuts. Estimated PRA Burden Estimated Number of Respondents: 42 national banks 3 service providers. Total Reporting Burden: 672 hours. Total Disclosure Burden: 54,166 hours. Total Recordkeeping Burden: 12,416 hours. Total Annual Burden: 67,254 hours. C. Unfunded Mandates Reform Act of 1995 Section 202 of the Unfunded Mandates Reform Act of 1995 (Unfunded Mandates Act), 2 U. S.C. 1532. requires that an agency prepare a budgetary impact statement before promulgating any rule likely to result in a Federal mandate that may result in the expenditure by State, local, and tribal governments, in the aggregate, or by the private sector, of 100 million or more in any one year. If a budgetary impact statement is required, section 205 of the Unfunded Mandates Act also requires an agency to identify and consider a reasonable number of regulatory alternatives before promulgating a rule. The OCC has determined that this rule will not result in expenditures by State, local, and tribal governments, or by the private sector, of 100 million or more in any one year. 50 Accordingly, this final rule is not subject to section 202 of the Unfunded Mandates Act. D. Effective Date Under the Administrative Procedures Act This final rule takes effect on July 15, 2011. 5 U. S.C. 553 (d)(1) requires publication of a substantive rule not less than 30 days before its effective date, except in cases in which the rule grants or recognizes an exemption or relieves a restriction. Section 2(c)(2)(E)(ii) of the CEA would prohibit national banks from engaging in retail forex transactions unless this final rule becomes effective on July 16, 2011. This final rule would relieve that restriction and allow national banks to continue to engage in retail forex transactions without delay. Furthermore, under 5 U. S.C. 553 (d)(3), an agency may find good cause to publish a rule less than 30 days before its effective date. The OCC finds such good cause, as the 30-day delayed effective date is unnecessary under the provisions of the final rule. In sectthinsp48.4(c) of the final rule, the OCC allows national banks a 30-day grace period to inform the OCC of its retail forex activity, along with up to a six-month window to comply with the provisions of the retail forex rule. E. Effective Date Under the CDRI Act The Riegle Community Development and Regulatory Improvement Act of 1994 (CDRI Act), 12 U. S.C. 4801 et seq., provides that new regulations that impose additional reporting or disclosure requirements on insured depository institutions do not take effect until the first day of a calendar quarter after the regulation is published, unless the agency determines there is good cause for the regulation to become effective at an earlier date. The OCC finds good cause that this final rule should become effective on July 15, 2011, as it would be in the public interest to require the disclosure and consumer protection provisions in this rule to take effect at this earlier date. If the rule did not become effective until October 1, 2011, then national banks would not be able to provide retail forex transactions to customers to meet their financial needs. Start List of Subjects List of Subjects in 12 CFR Part 48 For the reasons stated in the preamble, part 48 to Title 12, Chapter I of the Code of Federal Regulations is added to read as follows: PART 48mdashRETAIL FOREIGN EXCHANGE TRANSACTIONS 48.1 Authority, purpose, and scope. 48.2 Definitions. 48.3 Prohibited transactions. 48.4 Supervisory non-objection. 48.5 Application and closing out of offsetting long and short positions. 48.6 Disclosure. 48.7 Recordkeeping. 48.8 Capital requirements. 48.9 Margin requirements. 48.10 Required reporting to customers. 48.11 Unlawful representations. 48.12 Authorization to trade. 48.13 Trading and operational standards. 48.14 Supervision. 48.15 Notice of transfers. 48.16 Customer dispute resolution. 48.17 Reservation of authority. Authority, purpose, and scope. (a) Authority. A national bank may engage in retail foreign exchange transactions. A national bank engaging in such transactions must comply with the requirements of this part. (b) Purpose. This part establishes rules applicable to retail foreign exchange transactions engaged in by national banks and applies on or after the effective date. (c) Scope. Except as provided in paragraph (d) of this section, this part applies to national banks. (d) International applicability. Sections 48.3 and 48.5 to 48.16 do not apply to retail foreign exchange transactions between a foreign branch of a national bank and a non-U. S. customer. With respect to those transactions, the foreign branch remains Start Printed Page 41385 subject to any disclosure, recordkeeping, capital, margin, reporting, business conduct, documentation, and other requirements of foreign law applicable to the branch. In addition to the definitions in this section, for purposes of this part, the following terms have the same meaning as in the Commodity Exchange Act: ldquoAffiliated person of a futures commission merchantrdquo ldquoassociated personrdquo ldquocontract of salerdquo ldquocommodityrdquo ldquoeligible contract participantrdquo ldquofutures commission merchantrdquo ldquofuture deliveryrdquo ldquooptionrdquo ldquosecurityrdquo and ldquosecurity futures productrdquo. Affiliate has the same meaning as in section 2(k) of the Bank Holding Company Act of 1956 (12 U. S.C. 1841 (k)). Commodity Exchange Act means the Commodity Exchange Act (7 U. S.C. 1 et seq. ). Forex means foreign exchange. Identified banking product has the same meaning as in section 401(b) of the Legal Certainty for Bank Products Act of 2000 (7 U. S.C. 27 (b)). Institution-affiliated party or IAP has the same meaning as in section 3(u)(1), (2), or (3) of the Federal Deposit Insurance Act (12 U. S.C. 1813 (u)(1), (2), or (3)). Introducing broker means any person that solicits or accepts orders from a retail forex customer in connection with retail forex transactions. National bank means: (1) A national bank (2) A Federal branch or agency of a foreign bank, each as defined in 12 U. S.C. 3101 and (3) An operating subsidiary of a national bank or an operating subsidiary of a Federal branch or agency of a foreign bank. Related person, when used in reference to a retail forex counterparty, means: (1) Any general partner, officer, director, or owner of 10 percent or more of the capital stock of the retail forex counterparty (2) An associated person or employee of the retail forex counterparty, if the retail forex counterparty is not a national bank (3) An IAP of the retail forex counterparty, if the retail forex counterparty is a national bank and (4) A relative or spouse of any of the foregoing persons, or a relative of such spouse, who shares the same home as any of the foregoing persons. Retail foreign exchange dealer means any person other than a retail forex customer that is, or that offers to be, the counterparty to a retail forex transaction, except for a person described in item (aa), (bb), (cc)(AA), (dd), or (ff) of section 2(c)(2)(B)(i)(II) of the Commodity Exchange Act (7 U. S.C. 2 (c)(2)(B)(i)(II)). Retail forex account means the account of a retail forex customer, established with a national bank, in which retail forex transactions with the national bank as counterparty are undertaken, or the account of a retail forex customer that is established in order to enter into such transactions. Retail forex account agreement means the contractual agreement between a national bank and a retail forex customer that contains the terms governing the customers retail forex account with the national bank. Retail forex business means engaging in one or more retail forex transactions with the intent to derive income from those transactions, either directly or indirectly. Retail forex counterparty includes, as appropriate: (1) A national bank (2) A retail foreign exchange dealer (3) A futures commission merchant and (4) An affiliated person of a futures commission merchant. Retail forex customer means a customer that is not an eligible contract participant, acting on his, her, or its own behalf and engaging in retail forex transactions. Retail forex obligation means an obligation of a retail forex customer with respect to a retail forex transaction, including trading losses, fees, spreads, charges, and commissions. Retail forex proprietary account means: A retail forex account carried on the books of a national bank for one of the following persons a retail forex account of which 10 percent or more is owned by one of the following persons or a retail forex account of which an aggregate of 10 percent or more of which is owned by more than one of the following persons: (1) The national bank (2) An officer, director, or owner of 10 percent or more of the capital stock of the national bank or (3) An employee of the national bank, whose duties include: (i) The management of the national banks business (ii) The handling of the national banks retail forex transactions (iii) The keeping of records, including without limitation the software used to make or maintain those records, pertaining to the national banks retail forex transactions or (iv) The signing or co-signing of checks or drafts on behalf of the national bank (4) A spouse or minor dependent living in the same household as any of the foregoing persons or (5) An affiliate of the national bank. Retail forex transaction means an agreement, contract, or transaction in foreign currency, other than an identified banking product or a part of an identified banking product, that is offered or entered into by a national bank with a person that is not an eligible contract participant and that is: (1) A contract of sale of a commodity for future delivery or an option on such a contract (2) An option, other than an option executed or traded on a national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 (15 U. S.C. 78 (f)(a)) or (3) Offered or entered into on a leveraged or margined basis, or financed by a national bank, its affiliate, or any person acting in concert with the national bank or its affiliate on a similar basis, other than: (i) A security that is not a security futures product as defined in section 1a(47) of the Commodity Exchange Act (7 U. S.C. 1 a(47)) or (ii) A contract of sale that: (A) Results in actual delivery within two da ys or (B) Creates an enforceable obligation to deliver between a seller and buyer that have the ability to deliver and accept delivery, respectively, in connection with their line of business or (iii) An agreement, contract, or transaction that the OCC determines is not functionally or economically similar to: (A) A contract of sale of a commodity for future delivery or an option on such a contract or (B) An option, other than an option executed or traded on a national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 (15 U. S.C. 78 (f)(a)). (a) Fraudulent conduct prohibited. No national bank 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 Start Printed Page 41386 (3) Willfully deceive or attempt to deceive any person by any means whatsoever. (b) Acting as counterparty and exercising discretion prohibited. If a national bank can cause retail forex transactions to be effected for a retail forex customer without the retail forex customers specific authorization, then neither the national bank nor its affiliates may act as the counterparty for any retail forex transaction with that retail forex customer. (a) Supervisory non-objection required. Before commencing a retail forex business, a national bank must provide the OCC with prior notice and obtain from the OCC a written supervisory non-objection. (b) Requirements for obtaining supervisory non-objection. (1) In order to obtain a written supervisory non-objection, a national bank must: (i) Establish to the satisfaction of the OCC that the national bank has established and implemented written policies, procedures, and risk measurement and management systems and controls for the purpose of ensuring that it conducts retail forex transactions in a safe and sound manner and in compliance with this part and (ii) Provide such other information as the OCC may require. (2) The information provided under paragraph (b)(1) of this section must include, without limitation, information regarding: (i) Customer due diligence, including without limitation credit evaluations, customer appropriateness, and ldquoknow your customerrdquo documentation (ii) New product approvals (iii) The haircuts that the national bank will apply to noncash margin as provided in sectthinsp48.9(b)(2) and (iv) Conflicts of interest. (c) Treatment of existing retail forex businesses. A national bank that is engaged in a retail forex business on July 15, 2011, may continue to do so for up to six months, subject to an extension of time by the OCC, if it requests the supervisory non-objection required by paragraph (a) of this section within 30 days of July 15, 2011, and submits the information required to be submitted under paragraph (b) of this section. (d) Compliance with the Commodity Exchange Act. A national bank that is engaged in a retail forex business on July 15, 2011 and complies with paragraph (c) of this section will be deemed, during the six-month or extended period described in paragraph (c) of this section, to be acting pursuant to a rule or regulation described in section 2(c)(2)(E)(ii)(I) of the Commodity Exchange Act (7 U. S.C. 2 (c)(2)(E)(ii)(I)). Application and closing out of offsetting long and short positions. (a) Application of purchases and sales. Any national bank thatmdash (1) Engages in a retail forex transaction involving the purchase of any currency for the account of any retail forex customer when the account of such retail forex customer at the time of such purchase has an open retail forex transaction for the sale of the same currency (2) Engages in a retail forex transaction involving the sale of any currency for the account of any retail forex customer when the account of such retail forex customer at the time of such sale has an open retail forex transaction for the purchase of the same currency (3) Purchases a put or call option involving foreign currency for the account of any retail forex customer when the account of such retail forex customer at the time of such purchase has a short put or call option position with the same underlying currency, strike price, and expiration date as that purchased or (4) Sells a put or call option involving foreign currency for the account of any retail forex customer when the accou nt of such retail forex customer at the time of such sale has a long put or call option position with the same underlying currency, strike price, and expiration date as that sold must: (i) Immediately apply such purchase or sale against such previously held opposite transaction and (ii) Promptly furnish such retail forex customer with a statement showing the financial result of the transactions involved and the name of any introducing broker to the account. (b) Close-out against oldest open position. In all instances in which the short or long position in a customers retail forex account immediately prior to an offsetting purchase or sale is greater than the quantity purchased or sold, the national bank must apply such offsetting purchase or sale to the oldest portion of the previously held short or long position. (c) Transactions to be applied as directed by customer. Notwithstanding paragraphs (a) and (b) of this section, to the extent the national bank allows retail forex customers to use other methods of offsetting retail forex transactions, the offsetting transaction must be applied as directed by a retail forex customers specific instructions. These instructions may not be made by the national bank or an IAP of the national bank. (a) Risk disclosure statement required. No national bank may open or maintain open an account that will engage in retail forex transactions for a retail forex customer unless the national bank has furnished the retail forex customer with a separate written disclosure statement containing only the language set forth in paragraph (d) of this section and the disclosures required by paragraphs (e) and (f) of this section. (b) Acknowledgment of risk disclosure statement required. The national bank must receive from the retail forex customer a written acknowledgment signed and dated by the customer that the customer received and understood the written disclosure statement required by paragraph (a) of this section. (c) Placement of risk disclosure statement. The disclosure statement may be attached to other documents as the initial page(s) of such documents and as the only material on such page(s). (d) Content of risk disclosure statement. The language set forth in the written disclosure statement required by paragraph (a) of this section is as follows: Risk Disclosure Statement Retail forex transactions involve the leveraged trading of contracts denominated in foreign currency with a national bank as your counterparty. Because of the leverage and the other risks disclosed here, you can rapidly lose all of the funds or property you pledge to the national bank as margin for retail forex trading. You may lose more than you pledge as margin. If your margin falls below the required amount, and you fail to provide the required additional margin, your national bank is required to liquidate your retail forex transactions. Your national bank cannot apply your retail forex losses to any of your assets or liabilities at the bank other than funds or property that you have pledged as margin for retail forex transactions. However, if you lose more money than you have pledged as margin, the bank may seek to recover that deficiency in an appropriate forum, such as a court of law. You should be aware of and carefully consider the following points before determining whether retail forex trading is appropriate for you. (1) Trading is not on a regulated market or exchangemdashyour national bank is your trading counterparty and has conflicting interests. The retail forex transaction you are entering into is not conducted on an interbank market nor is it conducted on a futures exchange subject to regulation as a designated contract market by the Commodity Futures Trading Commission. The foreign currency trades you transact are trades with your national bank as Start Printed Page 41387 the counterparty. When you sell, the national bank is the buyer. When you buy, the national bank is the seller. As a result, when you lose money trading, your national bank is making money on such trades, in addition to any fees, commissions, or spreads the national bank may charge. (2) An electronic trading platform for retail foreign currency transactions is not an exchange. It is an electronic connection for accessing your national bank. The terms of availability of such a platform are governed only by your contract with your national bank. Any trading platform that you may use to enter into off-exchange foreign currency transactions is only connected to your national bank. You are accessing that trading platform only to transact with your national bank. You are not trading with any other entities or customers of the national bank by accessing such platform. The availability and operation of any such platform, including the consequences of the unavailability of the trading platform for any reason, is governed only by the terms of your account agreement with the national bank. (3) You may be able to offset or liquidate any trading positions only through your banking entity because the transactions are not made on an exchange or regulated contract market, and your national bank may set its own prices. Your ability to close your transactions or offset positions is limited to what your national bank will offer to you, as there is no other market for these transactions. Your national bank may offer any prices it wishes, including prices derived from outside sources or not in its discretion. Your national bank may establish its prices by offering spreads from third-party prices, but it is under no obligation to do so or to continue to do so. Your national bank may offer different prices to different customers at any point in time on its own terms. The terms of your account agreement alone govern the obligations your national bank has to you to offer prices and offer offset or liquidating transactions in your account and make any payments to you. The prices offered by your national bank may or may not reflect prices available elsewhere at any exchange, interbank, or other market for foreign currency. (4) Paid solicitors may have undisclosed conflicts. The national bank may compensate introducing brokers for introducing your account in ways that are not disclosed to you. Such paid solicitors are not required to have, and may not have, any special expertise in trading and may have conflicts of interest based on the method by which they are compensated. You should thoroughly investigate the manner in which all such solicitors are compensated and be very cautious in granting any person or entity authority to trade on your behalf. You should always consider obtaining dated written confirmation of any information you are relying on from your national bank in making any trading or account decisions. (5) Retail forex transactions are not insured by the Federal Deposit Insurance Corporation. (6) Retail forex transactions are not a deposit in, or guaranteed by, a national bank. (7) Retail forex transactions are subject to investment risks, including possible loss of all amounts invested. Finally, you should thoroughly investigate any statements by any national bank that minimize the importance of, or contradict, any of the terms of this risk disclosure. These statements may indicate sales fraud. This brief statement cannot, of course, disclose all the risks and other aspects of trading off-exchange foreign currency with a national bank. I hereby acknowledge that I have received and understood this risk disclosure statement. Signature of Customer (e)(1) Disclosure of profitable accounts ratio. Immediately following the language set forth in paragraph (d) of this section, the statement required by paragraph (a) of this section must include, for each of the most recent four calendar quarters during which the national bank maintained retail forex customer accounts: (i) The total number of retail forex customer accounts maintained by the national bank over which the national bank does not exercise investment discretion (ii) The percentage of such accounts that were profitable for retail forex customer accounts during the quarter and (iii) The percentage of such accounts that were not profitable for retail forex customer accounts during the quarter. (2) The national banks statement of profitable trades must include the following legend: ldquoPast performance is not necessarily indicative of future results. rdquo Each national bank must provide, upon request, to any retail forex customer or prospective retail forex customer the total number of retail forex accounts maintained by the national bank for which the national bank does not exercise investment discretion, the percentage of such accounts that were profitable, and the percentage of such accounts that were not profitable for each calendar quarter during the most recent five-year period during which the national bank maintained such accounts. (f) Disclosure of fees and other charges. Immediately following the language required by paragraph (e) of this section, the statement required by paragraph (a) of this section must include: (1) The amount of any fee, charge, spread, or commission that the national bank may impose on the retail forex customer in connection with a retail forex account or retail forex transaction (2) An explanation of how the national bank will determine the amount of such fees, charges, spreads, or commissions and (3) The circumstances under which the national bank may impose such fees, charges, spreads, or commissions. (g) Future disclosure requirements. If, with regard to a retail forex customer, the national bank changes any fee, charge, or commission required to be disclosed under paragraph (f) of this section, then the national bank must mail or deliver to the retail forex customer a notice of the changes at least 15 days prior to the effective date of the change. (h) Form of disclosure requirements. The disclosures required by this section must be clear and conspicuous and designed to call attention to the nature and significance of the information provided. (i) Other disclosure requirements unaffected. This section does not relieve a national bank from any other disclosure obligation it may have under applicable law. (a) General rule. A national bank engaging in retail forex transactions must keep full, complete, and systematic records, together with all pertinent data and memoranda, pertaining to its retail forex business, including the following 6 types of records: (1) Retail forex account records. For each retail forex account: (i) The name and address of the person for whom the account is carried or introduced and the principal occupation or business of the person (ii) The name of any other person guaranteeing the account or exercising trading control with respect to the account (iii) The establishment or termination of the account (iv) A means to identify the person that has solicited and is responsible for the account (v) The funds in the account, net of any commissions and fees (vi) The accounts net profits and losses on open trades (vii) The funds in the account plus or minus the net profits and losses on open trades, adjusted for the net option value in the case of open options positions (viii) Financial ledger records that show all charges against and credits to the account, including deposits, withdrawals, and transfers, and charges or credits resulting from losses or gains on closed transactions and (ix) A list of all retail forex transactions executed for the account, Start Printed Page 41388 with the details specified in paragraph (a)(2) of this section. (2) Retail forex transaction records. For each retail forex transaction: (i) The date and time the national bank received the order (ii) The price at which the national bank placed the order, or, in the case of an option, the premium that the retail forex customer paid (iii) The customer account identification information (iv) The currency pair (v) The size or quantity of the order (vi) Whether the order was a buy or sell order (vii) The type of order, if the order was not a market order (viii) The size and price at which the order is executed, or in the case of an option, the amount of the premium paid for each option purchased, or the amount credited for each option sold (ix) For options, whether the option is a put or call, expiration date, quantity, underlying contract for future delivery or underlying physical, strike price, and details of the purchase price of the option, including premium, mark-up, commission, and fees and (x) For futures, the delivery date and (xi) If the order was made on a trading platform: (A) T he price quoted on the trading platform when the order was placed, or, in the case of an option, the premium quoted (B) The date and time the order was transmitted to the trading platform and (C) The date and time the order was executed. (3) Price changes on a trading platform. If a trading platform is used, daily logs showing each price change on the platform, the time of the change to the nearest second, and the trading volume at that time and price. (4) Methods or algorithms. Any method or algorithm used to determine the bid or asked price for any retail forex transaction or the prices at which customer orders are executed, including, but not limited to, any markups, fees, commissions or other items which affect the profitability or risk of loss of a retail forex customers transaction. (5) Daily records which show for each business day complete details of: (i) All retail forex transactions that are futures transactions executed on that day, including the date, price, quantity, market, currency pair, delivery date, and the person for whom such transaction was made (ii) All retail forex transactions that are option transactions executed on that day, including the date, whether the transaction involved a put or call, the expiration date, quantity, currency pair, delivery date, strike price, details of the purchase price of the option, including premium, mark-up, commission and fees, and the person for whom the transaction was made and (iii) All other retail forex transactions executed on that day for such account, including the date, price, quantity, currency and the person for whom such transaction was made. (6) Other records. Written acknowledgments of receipt of the risk disclosure statement required by sectthinsp48.6(b), offset instructions pursuant to sectthinsp48.5(c), records required under paragraphs (b) through (f) of this section, trading cards, signature cards, street books, journals, ledgers, payment records, copies of statements of purchase, and all other records, data, and memoranda that have been prepared in the course of the national banks retail forex business. (b) Ratio of profitable accounts. (1) With respect to its active retail forex customer accounts over which it did not exercise investment discretion and that are not retail forex proprietary accounts open for any period of time during the quarter, a national bank must prepare and maintain on a quarterly basis (calendar quarter): (i) A calculation of the percentage of such accounts that were profitable (ii) A calculation of the percentage of such accounts that were not profitable and (iii) Data supporting the calculations described in paragraphs (b)(1)(i) and (ii) of this section. (2) In calculating whether a retail forex account was profitable or not profitable during the quarter, the national bank must compute the realized and unrealized gains or losses on all retail forex transactions carried in the retail forex account at any time during the quarter, subtract all fees, commissions, and any other charges posted to the retail forex account during the quarter, and add any interest income and other income or rebates credited to the retail forex account during the quarter. All deposits and withdrawals of funds made by the retail forex customer during the quarter must be excluded from the computation of whether the retail forex account was profitable or not profitable during the quarter. Computations that result in a zero or negative number must be considered a retail forex account that was not profitable. Computations that result in a positive number must be considered a retail forex account that was profitable. (3) A retail forex account must be considered ldquoactiverdquo for purposes of paragraph (b)(1) of this section if and only if for the relevant calendar quarter a retail forex transaction was executed in that account or the retail forex account contained an open position resulting from a retail forex transaction. (c) Records related to violations of law. A national bank engaging in retail forex transactions must make a record of all communications received by the national bank or its IAPs concerning facts giving rise to possible violations of law related to the national banks retail forex business. The record must contain: The name of the complainant, if provided the date of the communication the relevant agreement, contract, or transaction the substance of the communication the name of the person that received the communication and the final disposition of the matter. (d) Records for noncash margin. A national bank must maintain a record of all noncash margin collected pursuant to sectthinsp48.9. The record must show separately for each retail forex customer: (1) A description of the securities or property received (2) The name and address of such retail forex customer (3) The dates when the securities or property were received (4) The identity of the depositories or other places where such securities or property are segregated or held, if applicable (5) The dates in which the national bank placed or removed such securities or property into or from such depositories and (6) The dates of return of such securities or property to such retail forex customer, or other disposition thereof, together with the facts and circumstances of such other disposition. (e) Order Tickets. (1) Except as provided in paragraph (e)(2) of this section, immediately upon the receipt of a retail forex transaction order, a national bank must prepare an order ticket for the order (whether unfulfilled, executed, or canceled). The order ticket must include: (i) Account identification (account or customer name with which the retail forex transaction was effected) (ii) Order number (iii) Type of order (market order, limit order, or subject to special instructions) (iv) Date and time, to the nearest minute, that the retail forex transaction order was received (as evidenced by time-stamp or other timing device) (v) Time, to the nearest minute, that the retail forex transaction order was executed and (vi) Price at which the retail forex transaction was executed. (2) Post-execution allocation of bunched orders. Specific identifiers for Start Printed Page 41389 retail forex accounts included in bunched orders need not be recorded at time of order placement or upon report of execution as required under paragraph (e)(1) of this section if the following requirements are met: (i) The national bank placing and directing the allocation of an order eligible for post-execution allocation has been granted written investment discretion with regard to participating customer accounts and makes the following information available to retail forex customers upon request: (A) The general nature of the post-execution allocation methodology the national bank will use (B) Whether the national bank has any interest in accounts that may be included with customer accounts in bunched orders eligible for post-execution allocation and (C) Summary or composite data sufficient for that customer to compare the customers results with those of other comparable customers and, if applicable, any account in which the national bank has an interest. (ii) Post-execution allocations are made as soon as practicable after the entire transaction is executed (iii) Post-execution allocations are fair and equitable, with no account or group of accounts receiving consistently favorable or unfavorable treatment and (iv) The post-execution allocation methodology is sufficiently objective and specific to permit the OCC to verify the fairness of the allocations using that methodology. (f) Record of monthly statements and confirmations. A national bank must retain a copy of each monthly statement and confirmation required by sectthinsp48.10. (g) Form of record and manner of maintenance. The records required by this section must clearly and accurately reflect the information required and provide an adequate basis for the audit of the information. A national bank must create and maintain audio recordings of oral orders and oral offset instructions. Record maintenance may include the use of automated or electronic records provided that the records are easily retrievable and readily available for inspection. (h) Length of maintenance. A national bank must keep each record required by this section for at least five years from the date the record is created. A national bank offering or entering into retail forex transactions must be well capitalized as defined by 12 CFR part 6 . (a) Margin required. A national bank engaging, or offering to engage, in retail forex transactions must collect from each retail forex customer an amount of margin not less than: (1) Two percent of the notional value of the retail forex transaction for major currency pairs and 5 percent of the notional value of the retail forex transaction for all other currency pairs (2) For short options, 2 percent for major currency pairs and 5 percent for all other currency pairs of the notional value of the retail forex transaction, plus the premium received by the retail forex customer or (3) For long options, the full premium charged and received by the national bank. (b)(1) Form of margin. Margin collected under paragraph (a) of this section or pledged by a retail forex customer for retail forex transactions must be in the form of cash or the following financial instruments: (i) Obligations of the United States and obligations fully guaranteed as to principal and interest by the United States (ii) General obligations of any State or of any political subdivision thereof (iii) General obligations issued or guaranteed by any enterprise, as defined in 12 U. S.C. 4502 (10) (iv) Certificates of deposit issued by an insured depository institution, as defined in section 3(c)(2) of the Federal Deposit Insurance Act (12 U. S.C. 1813 (c)(2)) (v) Commercial paper (vi) Corporate notes or bonds (vii) General obligations of a sovereign nation (viii) Interests in money market mutual funds and (ix) Such other financial instruments as the OCC deems appropriate. (2) Haircuts. A national bank must establish written policies and procedures that include: (i) Haircuts for noncash margin collected under this section and (ii) Annual evaluation, and, if appropriate, modification, of the haircuts. (c) Separate margin account. Margin collected by the national bank from a retail forex customer for retail forex transactions or pledged by a retail forex customer for retail forex transactions must be placed into a separate account. (d) Margin calls liquidation of position. (1) For each retail forex customer, at least once per day, a national bank must: (i) Mark the value of the retail forex customers open retail forex positions to market (ii) Mark the value of the margin collected under this section from the retail forex customer to market and (iii) Determine whether, based on the marks in paragraphs (d)(1)(i) and (ii) of this section, the national bank has collected margin from the retail forex customer sufficient to satisfy the requirements of this section. (2) If, pursuant to paragraph (d)(1)(iii) of this section, the national bank determines that it has not collected margin from the retail forex customer sufficient to satisfy the requirements of this section then, within a reasonable period of time, the national bank must either: (i) Collect margin from the retail forex customer sufficient to satisfy the requirements of this section or (ii) Liquidate the retail forex customers retail forex transactions. (e) Set-off prohibited. A national bank may not: (1) Apply a retail forex customers retail forex obligations against any funds or other asset of the retail forex customer other than margin in the separate margin account described in paragraph (c) of this section (2) Apply a retail forex customers retail forex obligations to increase the amount owed by the retail forex customer to the national bank under any loan or (3) Collect the margin required under this section by use of any right of set-off. Required reporting to customers. (a) Monthly statements. Each national bank must promptly furnish to each retail forex customer, as of the close of the last business day of each month or as of any regular monthly date selected, except for accounts in which there are neither open positions at the end of the statement period nor any changes to the account balance since the prior statement period but, in any event, not less frequently than once every three months, a statement that clearly shows: (1) For each retail forex customer: (i) The open retail forex transactions with prices at which acquired (ii) The net unrealized profits or losses in all open retail forex transactions marked to the market (iii) Any money, securities, or other property in the separate margin account required by sectthinsp48.9(c) and (iv) A detailed accounting of all financial charges and credits to the retail forex customers retail forex accounts during the monthly reporting period, including: Money, securities, or property received from or disbursed to such customer re alized profits and losses and fees, charges, spreads, and commissions. Start Printed Page 41390 (2) For each retail forex customer engaging in retail forex transactions that are options: (i) All such options purchased, sold, exercised, or expired during the monthly reporting period, identified by underlying retail forex transaction or underlying currency, strike price, transaction date, and expiration date (ii) The open option positions carried for such customer and arising as of the end of the monthly reporting period, identified by underlying retail forex transaction or underlying currency, strike price, transaction date, and expiration date (iii) All such option positions marked to the market and the amount each position is in the money, if any (iv) Any money, securities, or other property in the separate margin account required by sectthinsp48.9(c) and (v) A detailed accounting of all financial charges and credits to the retail forex customers retail forex accounts during the monthly reporting period, including: Money, securities, or property received from or disbursed to such customer realized profits and losses premiums and mark-ups and fees, charges, and commissions. (b) Confirmation statement. Each national bank must, not later than the next business day after any retail forex transaction, send: (1) To each retail forex customer, a written confirmation of each retail forex transaction caused to be executed by it for the customer, including offsetting transactions executed during the same business day and the rollover of an open retail forex transaction to the next business day (2) To each retail forex customer engaging in forex option transactions, a written confirmation of each forex option transaction, containing at least the following information: (i) The retail forex customers account identification number (ii) A separate listing of the actual amount of the premium, as well as each markup thereon, if applicable, and all other commissions, costs, fees, and other charges incurred in connection with the forex option transaction (iii) The strike price (iv) The underlying retail forex transaction or underlying currency (v) The final exercise date of the forex option purchased or sold and (vi) The date that the forex option transaction was executed. (3) To each retail forex customer engaging in forex option transactions, upon the expiration or exercise of any option, a written confirmation statement thereof, which statement must include the date of such occurrence, a description of the option involved, and, in the case of exercise, the details of the retail forex or physical currency position that resulted therefrom including, if applicable, the final trading date of the retail forex transaction underlying the option. (c) Notwithstanding paragraph (b) of this section, a retail forex transaction that is caused to be executed for a pooled investment vehicle that engages in retail forex transactions need be confirmed only to the operator of such pooled investment vehicle. (d) Controlled accounts. With respect to any account controlled by any person other than the retail forex customer for whom such account is carried, each national bank must promptly furnish in writing to such other person the information required by paragraphs (a) and (b) of this section. (e) Introduced accounts. Each statement provided pursuant to the provisions of this section must, if applicable, show that the account for which the national bank was introduced by an introducing broker and the name of the introducing broker. (a) No implication or representation of limiting losses. No national bank engaged in retail foreign exchange transactions or its IAPs may imply or represent that it will, with respect to any retail customer forex account, for or on behalf of any person: (1) Guarantee such person or account against loss (2) Limit the loss of such person or account or (3) Not call for or attempt to collect margin as established for retail forex customers. (b) No implication of representation of engaging in prohibited acts. No national bank or its IAPs may in any way imply or represent that it will engage in any of the acts or practices described in paragraph (a) of this section. (c) No Federal government endorsement. No national bank or its IAPs may represent or imply in any manner whatsoever that any retail forex transaction or retail forex product has been sponsored, recommended, or approved by the OCC, the Federal government, or any agency thereof. (d) Assuming or sharing of liability from bank error. This section does not prevent a national bank from assuming or sharing in the losses resulting from the national banks error or mishandling of a retail forex transaction. (e) Certain guaranties unaffected. This section does not affect any guarantee entered into prior to the effective date of this part, but this section does apply to any extension, modification, or renewal thereof entered into after such date. 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 ldquospecifically authorizedrdquo 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. Trading and operational standards. (a) Internal rules, procedures, and controls required. A national bank engaging in retail forex transactions must establish and implement internal policies, procedures, and controls designed, at a minimum, to: (1) Ensure, to the extent reasonable, that each retail forex transaction that is executable at or near the price that the national bank has quoted to the retail forex customer is entered for execution before any retail forex transaction for: (i) A proprietary account (ii) An account for which a related person may originate orders without the prior specific consent of the account owner, if the related person has gained knowledge of the retail forex customers order prior to the transmission of an order for a proprietary account (iii) An account in which a related person has an interest, if the related person has gained knowledge of the retail forex customers order prior to the transmission of an order for a proprietary account or (iv) An account in which a related person may originate orders without the prior specific consent of the ac count owner, if the related person has gained knowledge of the retail forex customers order prior to the transmission of an order for a proprietary account (2) Prevent national-bank related persons from placing orders, directly or indirectly, with another person in a manner designed to circumvent the provisions of paragraph (a)(1) of this section and (3) Fairly and objectively establish settlement prices for retail forex transactions. Start Printed Page 41391 (b) Disclosure of retail forex transactions. No national bank engaging in retail forex transactions may disclose that an order of another person is being held by the national bank, unless the disclosure is necessary to the effective execution of such order or the disclosure is made at the request of the OCC. (c) Handling of retail forex accounts of related persons of retail forex counterparties. No national bank engaging in retail forex transactions may knowingly handle the retail forex account of an employee of another retail forex counterpartys retail forex business unless the national bank: (1) Receives written authorization from a person designated by the other retail forex counterparty with responsibility for the surveillance over the account pursuant to paragraph (a)(2) of this section (2) Prepares immediately upon receipt of an order for the account a written record of the order, including the account identification and order number, and records thereon to the nearest minute, by time-stamp or other timing device, the date and time the order was received and (3) Transmits on a regular basis to the other retail forex counterparty copies of all statements for the account and of all written records prepared upon the receipt of orders for the account pursuant to paragraph (c)(2) of this section. (d) Related person of national bank establishing account at another retail forex counterparty. No related person of a national bank working in the national banks retail forex business may have an account, directly or indirectly, with another retail forex counterparty unless the other retail forex counterparty: (1) Receives written authorization to open and maintain the account from a person designated by the national bank with responsibility for the surveillance over the account pursuant to paragraph (a)(2) of this section and (2) Transmits on a regular basis to the national bank copies of all statements for the account and of all written records prepared by the other retail forex counterparty upon receipt of orders for the account pursuant to paragraph (a)(2) of this section. (e) Prohibited trading practices. No national bank engaging in retail forex transactions may: (1) Enter into a retail forex transaction, to be executed pursuant to a market or limit order at a price that is not at or near the price at which other retail forex customers, during that same time period, have executed retail forex transactions with the national bank (2) Adjust or alter prices for a retail forex transaction after the transaction has been confirmed to the retail forex customer (3) Provide to a retail forex customer a new bid price for a retail forex transaction that is higher than its previous bid without providing a new asked price that is also higher than its previous asked price by a similar amount (4) Provide to a retail forex customer a new bid price for a retail forex transaction that is lower than its previous bid without providing a new asked price that is also lower than its previous asked price by a similar amount or (5) Establish a new position for a retail forex customer (except one that offsets a n existing position for that retail forex customer) where the national bank holds outstanding orders of other retail forex customers for the same currency pair at a comparable price. (a) Supervision by the national bank. A national bank engaging in retail forex transactions must diligently supervise the handling by its officers, employees, and agents (or persons occupying a similar status or performing a similar function) of all retail forex accounts carried, operated, or advised by at the national bank and all activities of its officers, employees, and agents (or persons occupying a similar status or performing a similar function) relating to its retail forex business. (b) Supervision by officers, employees, or agents. An officer, employee, or agent of a national bank must diligently supervise his or her subordinates handling of all retail forex accounts at the national bank and all the subordinates activities relating to the national banks retail forex business. Notice of transfers. (a) Prior notice generally required. Except as provided in paragraph (b) of this section, a national bank must provide a retail forex customer with 30 days prior notice of any assignment of any position or transfer of any account of the retail forex customer. The notice must include a statement that the retail forex customer is not required to accept the proposed assignment or transfer and may direct the national bank to liquidate the positions of the retail forex customer or transfer the account to a retail forex counterparty of the retail forex customers selection. (b) Exceptions. The requirements of paragraph (a) of this section do not apply to transfers: (1) Requested by the retail forex customer (2) Made by the Federal Deposit Insurance Corporation as receiver or conservator under the Federal Deposit Insurance Act or (3) Otherwise authorized by applicable law. (c) Obligations of transferee national bank. A national bank to which retail forex accounts or positions are assigned or transferred under paragraph (a) of this section must provide to the affected retail forex customers the risk disclosure statements and forms of acknowledgment required by this part and receive the required signed acknowledgments within 60 days of such assignments or transfers. This requirement does not apply if the national bank has clear written evidence that the retail forex customer has received and acknowledged receipt of the required disclosure statements. Customer dispute resolution. (a) Voluntary submission of claims to dispute or settlement procedures. No national bank may enter into any agreement or understanding with a retail forex customer in which the customer agrees, prior to the time a claim or grievance arises, to submit such claim or grievance to any settlement procedure unless the following conditions are satisfied: (1) Signing the agreement is not a condition for the customer to use the services offered by the national bank. (2) If the agreement is contained as a clause or clauses of a broader agreement, the customer separately endorses the clause or clauses. (3) The agreement advises the retail forex customer that, at such time as the customer notifies the national bank that the customer intends to submit a claim to arbitration, or at such time the national bank notifies the customer of its intent to submit a claim to arbitration, the customer will have the opportunity to choose a person qualified in dispute resolution to conduct the proceeding. (4) The agreement must acknowledge that the national bank will pay any incremental fees that may be assessed in connection with the dispute resolution, unless it is determined in the proceeding that the retail forex customer has acted in bad faith in initiating the proceeding. (5) The agreement must include the following language printed in large boldface type: Two forums exist for the resolution of disputes related to retail forex transactions: Civil court litigation and arbitration conducted by a private Start Printed Page 41392 organization. The opportunity to settle disputes by arbitration may in some cases provide benefits to customers, including the ability to obtain an expeditious and final resolution of disputes without incurring substantial cost. Each customer must individually examine the relative merits of arbitration and consent to this arbitration agreement must be voluntary. By signing this agreement, you: (1) May be waiving your right to sue in a court of law and (2) are agreeing to be bound by arbitration of any claims or counterclaims that you or insert name of national bank may submit to arbitration under this agreement. In the event a dispute arises, you will be notified if insert name of national bank intends to submit the dispute to arbitration. You need not sign this agreement to open or maintain a retail forex account with insert name of national bank. (b) Election of forum. (1) Within 10 business days after receipt of notice from the retail forex customer that the customer intends to submit a claim to arbitration, the national bank must provide the customer with a list of persons qualified in dispute resolution. (2) The customer must, within 45 days after receipt of such list, notify the national bank of the person selected. The customers failure to provide such notice must give the national bank the right to select a person from the list. (c) Enforceability. A dispute settlement procedure may require parties using the procedure to agree, under applicable state law, submission agreement, or otherwise, to be bound by an award rendered in the procedure if the agreement to submit the claim or grievance to the procedure complies with paragraph (a) of this section or the agreement to submit the claim or grievance to the procedure was made after the claim or grievance arose. Any award so rendered by the procedure will be enforceable in accordance with applicable law. (d) Time limits for submission of claims. The dispute settlement procedure used by the parties may not include any unreasonably short limitation period foreclosing submission of a customers claims or grievances or counterclaims. (e) Counterclaims. A procedure for the settlement of a retail forex customers claims or grievances against a national bank or employee thereof may permit the submission of a counterclaim in the procedure by a person against whom a claim or grievance is brought if the counterclaim: (1) Arises out of the transaction or occurrence that is the subject of the retail forex customers claim or grievance and (2) Does not require for adjudication the presence of essential witnesses, parties, or third persons over which the settlement process lacks jurisdiction. Reservation of authority. The OCC may modify the disclosure, recordkeeping, capital and margin, reporting, business conduct, documentation, or other standards or requirements under this part for a specific retail forex transaction or a class of retail forex transactions if the OCC determines that the modification is consistent with safety and soundness and the protection of retail forex customers. End Part Start Signature Dated: July 7, 2011. Acting Comptroller of the Currency. End Signature End Supplemental Information 2. thinspDodd-Frank Act sectthinsp742(c)(2) (to be codified at 7 U. S.C. 2 (c)(2)(E)). In this preamble, citations to the retail forex statutory provisions are to the sections in which the provisions will be codified in the CEA. 3. thinspThe CEA defines ldquofinancial institutionrdquo as including ldquoa depository institution (as defined in section 3 of the Federal Deposit Insurance Act (12 U. S.C. 1813 )).rdquo 7 U. S.C. 1 a(21)(E). National banks are depository institutions. See 12 U. S.C. 1813 (a)(1) and (c)(1). 4. thinspFor purposes of the retail forex rules, ldquoFederal regulatory agencyrdquo includes ldquoan appropriate Federal banking agency. rdquo 7 U. S.C. 2 (c)(2)(E)(i)(III). The OCC is the appropriate Federal banking agency for national banks and Federal branches and agencies of foreign banks. 12 U. S.C. 1813 (q)(1) Dodd-Frank Act sectthinsp721(a)(2) (amending 7 U. S.C. 1 a to define ldquoappropriate Federal banking agencyrdquo by reference to 12 U. S.C. 1813 ). 5. thinspA retail customer is a person that is not an ldquoeligible contract participantrdquo under the CEA. 10. thinsp See Dodd-Frank Act sectthinsp754. 11. thinspDodd-Frank Act sectthinsp312. 12. thinsp Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries, 75 FR 55409 (Sept. 10, 2010) (Final CFTC Retail Forex Rule). The CFTC proposed these rules prior to the enactment of the Dodd-Frank Act. Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries, 75 FR 3281 (Jan. 20, 2010) (Proposed CFTC Retail Forex Rule). 13. thinspRetail Foreign Exchange Transactions, 76 FR 22633 (Apr. 22, 2011) (Proposed OCC Retail Forex Rule). 14. thinspRetail Foreign Exchange Transactions, 76 FR 28358 (May 17, 2011) (Proposed FDIC Retail Forex Rule). 15. thinsp See OCC Bulletin 94-13 (Feb. 24, 1994) see also OCC Bulletin 1995-52 (Sept. 22, 1995). 16. thinspThere are, of course, differences in the regulations that generally govern national banks versus those that govern CFTC registrants, such as capital rules. The NDIP Policy Statement, because it governs bank activities more generally, is similar to capital rules. 17. thinspThe definition of ldquoeligible contract participantrdquo is found in the CEA and is discussed below. 22. thinsp See generally CFTC v. Intl Fin. Servs. (New York), Inc., 323 F. Supp. 2d 482, 495 (S. D.N. Y. 2004) (distinguishing between foreign exchange futures contracts and spot contracts in foreign exchange, and noting that foreign currency trades settled within two days are ordinarily spot transactions rather than futures contracts) see also Bank Brussels Lambert v. Intermetals Corp., 779 F. Supp. 741, 748 (S. D.N. Y. 1991). 23. thinsp See 7 U. S.C. 2 (c)(2)(C)(i)(II)(bb)(BB) CFTC v. Intl Fin. Servs. (New York), Inc., 323 F. Supp. 2d 482, 495 (S. D.N. Y. 2004) (distinguishing between forward contracts in foreign exchange and foreign exchange futures contracts) see also William L. Stein, The Exchange-Trading Requirement of the Commodity Exchange Act, 41 Vand. L. Rev. 473, 491 (1988). In contrast to forward contracts, futures contracts generally include several or all of the following characteristics: (i) Standardized nonnegotiable terms (other than price and quantity) (ii) parties are required to deposit initial margin to secure their obligations under the contract (iii) parties are obligated and entitled to pay or receive variation margin in the amount of gain or loss on the position periodically over the period the contract is outstanding (iv) purchasers and sellers are permitted to close out their positions by selling or purchasing offsetting contracts and (v) settlement may be provided for by either (a) cash payment through a clearing entity that acts as the counterparty to both sides of the contract without delivery of the underlying commodity or (b) physical delivery of the underlying commodity. See Edward F. Greene et al. U. S. Regulation of International Securities and Derivatives Markets sectthinsp14.082 (8th ed. 2006). 24. thinsp CFTC v. Zelener, 373 F.3d 861 (7th Cir. 2004) see also CFTC v. Erskine, 512 F.3d 309 (6th Cir. 2008). 25. thinsp7 U. S.C. 2 (c)(2)(E)(iii) (requiring that retail forex rules treat all functionally or economically similar transactions similarly) see 17 CFR 5.1 (m) (defining ldquoretail forex transactionrdquo for CFTC-registered retail forex dealers). 26. thinspFor example, in Zelener, the retail forex dealer retained the right, at the date of delivery of the currency to deliver the currency, roll the transaction over, or offset all or a portion of the transaction with another open position held by the customer. See CFTC v. Zelener, 373 F.3d 861, 868 (7th Cir. 2004). 27. thinsp See, e. g. CFTC v. Erskine, 512 F.3d 309, 326 (6th Cir. 2008) CFTC v. Zelener, 373 F.3d 861, 869 (7th Cir. 2004). 30. thinsp7 U. S.C. 27 a(a)(1). An identified banking product offered by a national bank could become subject to the CEA if the OCC determines, in consultation with the CFTC and the Securities and Exchange Commission, that the product would meet the definition of a ldquoswaprdquo under the CEA or a ldquosecurity-based swaprdquo under Securities Exchange Act of 1934 and has become known to the trade as a swap or security-based swap, or otherwise has been structured as an identified banking product for the purpose of evading the provisions of the CEA, the Securities Act of 1933, or the Securities Exchange Act of 1934. 7 U. S.C. 27 a(b). 31. thinsp7 U. S.C. 27 (b) (citing Gramm-Leach-Bliley Act sectthinsp206(a)(1) to (5)). 32. thinspThe term ldquoeligible contract participantrdquo is defined at 7 U. S.C. 1 a(18), and for purposes most relevant to this rule generally includes: (a) A corporation, partnership, proprietorship, organization, trust, or other entitymdash (1) That has total assets exceeding 10,000,000 (2) The obligations of which under an agreement, contract, or transaction are guaranteed or otherwise supported by a letter of credit or keepwell, support, or other agreement by certain other eligible contract participants or (i) Has a net worth exceeding 1,000,000 and (ii) Enters into an agreement, contract, or transaction in connection with the conduct of the entitys business or to manage the risk associated with an asset or liability owned or incurred or reasonably likely to be owned or incurred by the entity in the conduct of the entitys business (b) Subject to certain exclusions, (1) A governmental entity (including the United States, a State, or a foreign government) or political subdivision of a governmental entity (2) A multinational or supranational governmental entity a nd (3) An instrumentality, agency, or department of an entity described in (b)(1) or (2) and (c) An individual who has amounts invested on a discretionary basis, the aggregate of which is in excess ofmdash (2) 5,000,000 and who enters into the agreement, contract, or transaction in order to manage the risk associated with an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the individual. 34. thinspProposed CFTC Retail Forex Rule, 75 FR at 3287 n.54. 44. thinsp See National Futures Association, Forex Transactions: A Regulatory Guide 17 (Feb. 2011) Federal Reserve Bank of New York, Survey of North American Foreign Exchange Volume tbl. 3e (Jan. 2011) Bank for International Settlements, Report on Global Foreign Exchange Market Activity in 2010 at 15 tbl. B.6 (Dec. 2010). 45. thinspThe Final CFTC Retail Forex Rule similarly does not define ldquomajor currency. rdquo 46. thinspThe final rule clarifies that the prohibition on setting off retail forex ldquolossesrdquo in the proposed rule was meant to include costs related to retail forex transactions, such as fees, spreads, charges, and commissions. 48. thinspSmall Business Administration regulations define ldquosmall entitiesrdquo to include banks with a four-quarter average of total assets of 175 million or less. 13 CFR 121.201 . 50. thinspIn particular, the OCC notes that forex transactions between national banks and governmental entities are not retail forex transactions subject to this rule, because governmental entities are eligible contract participants. See 7 U. S.C. 1 a(18)(A)(vii). FR Doc. 2011-17514 Filed 7-13-11 8:45 am BILLING CODE 4810-33-PThis site uses cookies to provide you with a more responsive and personalised service. Ao utilizar este site, você concorda com o uso de cookies. Por favor, leia nosso aviso de cookie para mais informações sobre os cookies que usamos e como apagá-los ou bloqueá-los. A funcionalidade completa do nosso site não é suportada na versão do seu navegador, ou você pode ter o modo de compatibilidade selecionado. Desative o modo de compatibilidade, atualize seu navegador para pelo menos o Internet Explorer 9 ou tente usar outro navegador, como o Google Chrome ou o Mozilla Firefox. IFRS 13 Mensuração do Valor Justo Quick Article Links IFRS 13 Mensuração do Valor Justo aplica-se às IFRSs que exigem ou permitem mensurações do valor justo ou divulgações e fornece uma única estrutura de IFRS para mensurar o valor justo e requer divulgações sobre a mensuração do valor justo. A Norma define o valor justo com base em uma noção de preço de saída e usa uma hierarquia de valor justo, que resulta em uma mensuração baseada no mercado e não na entidade específica. O IFRS 13 foi originalmente emitido em maio de 2011 e se aplica a períodos anuais iniciados em ou após 1º de janeiro de 2013. Histórico do IFRS 13 Projeto de mensuração do valor justo adicionado à agenda do IASB Medição publicada Prazo de publicação 28 de setembro de 2009 Anotação de Análise de Incertezas de Medidas de Exposição Divulgação de Medições de Valor Justo publicada Prazo de publicação 7 de setembro de 2010 Mensuração de valor justo de IFRS divulgada IFRS 13 Mensuração de Valor Justo emitida Em vigor para períodos anuais iniciados em ou após 1º de janeiro de 2013 Alterado por Melhorias Anuais para IFRSs Ciclo 20102012 (contas a receber e a pagar de curto prazo) Emenda à base para conclusões apenas Alterado por Melhorias Anuais às IFRSs Ciclo 20112013 (escopo da exceção de carteira no parágrafo 52) Em vigor para período anual com início em ou após 1º de julho 2014 Relacionamentos Interpretações Alterações em consideração by the IASB In addition, the IASB has signalled an intention to conduct a post-implementation review of IFRS 13, commencing in 2015. Publications and resources Summary of IFRS 13 IFRS 13: IFRS 13:1 defines fair value sets out in a single IFRS a framework for measuring fair value requires disclosures about fair value measurements. A IFRS 13 se aplica quando outra IFRS exige ou permite mensurações do valor justo ou divulgações sobre mensurações do valor justo (e mensurações, como o valor justo menos custos para vender, com base no valor justo ou divulgações sobre essas mensurações), exceto: IFRS 13: 5- 7 transações de pagamento com base em ações dentro do escopo da IFRS 2 Operações de arrendamento mercantil de pagamento baseado em ações no âmbito da IAS 17 Arrendamentos mensurados que possuem algumas semelhanças com o valor justo mas que não são de valor justo, como o valor realizável líquido na IAS 2 Inventários ou valor em uso na IAS 36 Imparidade de Activos. Isenções adicionais aplicam-se às divulgações exigidas pelo IFRS 13. Principais definições IFRS 13: Apêndice A Valor justo O preço que seria recebido para vender um ativo ou pago para transferir um passivo em uma transação ordenada entre participantes do mercado na data de mensuração. mercado no qual as transações para o ativo ou passivo ocorrem com freqüência e volume suficientes para fornecer informações de precificação em uma base contínua Preço de saída O preço que seria recebido para vender um ativo ou pago para transferir um passivo Maior e melhor uso O uso de um ativo ativo não financeiro por participantes do mercado que maximizaria o valor do ativo ou o grupo de ativos e passivos (por exemplo, um negócio) dentro do qual o ativo seria usado Mercado mais vantajoso O mercado que maximiza o montante que seria recebido para vender o activo ou minimiza o montante que seria pago para transferir o passivo, depois de ter em conta os custos de transacção e os custos de transporte. mercado O mercado com maior volume e nível de atividade para o ativo ou passivo. Hierarquia de valor justo A IFRS 13 busca aumentar a consistência e a comparabilidade nas mensurações do valor justo e nas divulgações relacionadas por meio de uma hierarquia de valor justo. The hierarchy categorises the inputs used in valuation techniques into three levels. A hierarquia dá a mais alta prioridade a preços cotados (não ajustados) em mercados ativos para ativos ou passivos idênticos e a menor prioridade para insumos não observáveis. IFRS 13:72 If the inputs used to measure fair value are categorised into different levels of the fair value hierarchy, the fair value measurement is categorised in its entirety in the level of the lowest level input that is significant to the entire measurement (based on the application of judgement). IFRS 13:73 As entradas de Nível 1 são cotadas em mercados ativos para ativos ou passivos idênticos que a entidade pode acessar na data de mensuração. IFRS 13:76 Um preço de mercado cotado em um mercado ativo fornece a evidência mais confiável do valor justo e é usado sem ajuste para mensurar o valor justo sempre que disponível, com exceções limitadas. IFRS 13:77 Se uma entidade detiver uma posição em um único ativo ou passivo e o ativo ou passivo for negociado em um mercado ativo, o valor justo do ativo ou passivo é mensurado no Nível 1 como o produto do preço cotado para o ativo ou passivo individual e a quantidade detida pela entidade, mesmo que o volume normal diário de negociação dos mercados não seja suficiente para absorver a quantidade detida e a colocação de ordens para vender a posição em uma única transação possa afetar o preço cotado. IFRS 13:80 Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. IFRS 13:81 As entradas de Nível 2 incluem: preços cotados para ativos ou passivos similares em mercados ativos cotados para ativos ou passivos idênticos ou similares em mercados que não são entradas ativas além de preços cotados que são observáveis para o ativo ou passivo, por exemplo taxas de juros e curvas de rendimento observáveis em intervalos geralmente cotados volatilidades implícitas Os spreads de crédito são os inputs derivados principalmente ou corroborados por dados de mercado observáveis por correlação ou outros meios (inputs suportados pelo mercado). As entradas de nível 3 são entradas não observáveis para o ativo ou passivo. IFRS 13:86 Os dados não observáveis são usados para mensurar o valor justo na medida em que insumos observáveis relevantes não estejam disponíveis, permitindo, assim, situações em que há pouca ou nenhuma atividade de mercado para o ativo ou passivo na data de mensuração. An entity develops unobservable inputs using the best information available in the circumstances, which might include the entitys own data, taking into account all information about market participant assumptions that is reasonably available. IFRS 13: 87-89 Mensuração do valor justo Visão geral da abordagem de mensuração pelo valor justo O objetivo de mensuração do valor justo é estimar o preço pelo qual uma transação ordenada para vender o ativo ou para transferir o passivo ocorreria entre participantes do mercado no mercado. data de medição nas condições atuais de mercado. Uma mensuração do valor justo requer que uma entidade determine todos os itens a seguir: IFRS 13: B2 o ativo ou passivo específico que é objeto da mensuração (consistentemente com sua unidade de conta) para um ativo não financeiro, a premissa de avaliação é apropriado para a mensuração (consistentemente com seu uso mais alto e melhor) do mercado principal (ou mais vantajoso) para o ativo ou passivo a (s) técnica (s) de avaliação apropriada (s) para a mensuração, considerando a disponibilidade de dados com os quais premissas que os participantes do mercado utilizariam ao precificar o ativo ou passivo e o nível da hierarquia do valor justo no qual as entradas são categorizadas. Guidance on measurement A IFRS 13 fornece as orientações sobre a mensuração do valor justo, incluindo o seguinte: Uma entidade leva em consideração as características do ativo ou passivo que estão sendo mensurados que um participante de mercado levaria em conta ao precificar o ativo ou passivo na data da mensuração. (ex. a condição e localização do ativo e quaisquer restrições sobre a venda e uso do ativo) IFRS 13:11 Mensuração de valor justo assume uma transação ordenada entre participantes do mercado na data de mensuração sob condições atuais de mercado IFRS 13:15 Mensuração de valor justo pressupõe uma transação ocorrendo no mercado principal para o ativo ou passivo, ou na ausência de um mercado principal, o mercado mais vantajoso para o ativo ou passivo. IFRS 13:24 A mensuração do valor justo de um ativo não financeiro leva em consideração sua mais alta e melhor utilização IFRS 13:27 Mensuração do valor justo de um passivo financeiro ou não financeiro ou instrumentos de patrimônio da própria entidade o valor é transferido para um participante de mercado na data de mensuração, sem liquidação, extinção ou cancelamento na data da mensuração. IFRS 13:34 O valor justo de um passivo reflete o risco de não desempenho (o risco de a entidade não cumprir uma obrigação). , incluindo risco de crédito próprio de uma entidade e assumindo o mesmo risco de não desempenho antes e depois da transferência do passivo. IFRS 13:42 Aplica-se uma exceção opcional a certos ativos financeiros e passivos financeiros com posições compensatórias em riscos de mercado ou risco de crédito de contraparte, desde condições são atendidas (divulgação adicional é necessária). IFRS 13:48, IFRS 13:96 Uma entidade usa técnicas de avaliação apropriadas às circunstâncias e para as quais existem dados suficientes para mensurar o valor justo, maximizando o uso de dados observáveis relevantes e minimizando o uso de dados não observáveis. IFRS 13:61, IFRS 13:67 O objetivo de usar uma técnica de avaliação é estimar o preço pelo qual uma transação ordenada para vender o ativo ou transferir o passivo seria realizada entre participantes do mercado e a data de medição nas condições atuais de mercado. Three widely used valuation techniques are: IFRS 13:62 market approach uses prices and other relevant information generated by market transactions involving identical or comparable (similar) assets, liabilities, or a group of assets and liabilities (e. g. a business) cost approach reflects the amount that would be required currently to replace the service capacity of an asset (current replacement cost) income approach converts future amounts (cash flows or income and expenses) to a single current (discounted) amount, reflecting current market expectations about those future amounts. Em alguns casos, uma única técnica de avaliação será apropriada, ao passo que em outros, várias técnicas de avaliação serão apropriadas. IFRS 13:63 Divulgação A IFRS 13 exige que uma entidade divulgue informações que ajudam os usuários de suas demonstrações financeiras a avaliarem o seguinte: IFRS 13:91 para ativos e passivos que são mensurados ao valor justo de forma recorrente ou não recorrente no demonstração da posição financeira após o reconhecimento inicial, as técnicas de avaliação e dados usados para desenvolver essas mensurações para mensurações ao valor justo usando dados não observáveis significativos (Nível 3), o efeito das mensurações no resultado ou outro resultado abrangente do período. As exigências de divulgação não são exigidas para: IFRS 13: 7 ativos do plano mensurados pelo valor justo de acordo com o IAS 19 Benefícios a empregados Investimentos avaliados pelo valor justo de acordo com o IAS 26 - Contabilização de Ativos de Aposentadoria. é o justo valor menos os custos de alienação de acordo com a IAS 36 Imparidade de Activos. Identificação de classes Quando é requerido que as divulgações sejam fornecidas para cada classe de ativo ou passivo, uma entidade determina classes apropriadas com base na natureza, características e riscos do ativo ou passivo, e o nível da hierarquia do valor justo dentro do qual o a mensuração do valor justo é categorizada. IFRS 13:94 Determining appropriate classes of assets and liabilities for which disclosures about fair value measurements should be provided requires judgement. Uma classe de ativos e passivos geralmente exigirá maior desagregação do que as linhas de itens apresentadas na demonstração da posição financeira. O número de classes pode precisar ser maior para medições de valor justo categorizadas no Nível 3. Algumas divulgações são diferenciadas se as mensurações são: Mensurações de valor justo recorrentes As mensurações de valor justo requeridas ou permitidas por outras IFRSs a serem reconhecidas no balanço patrimonial ao final de cada exercício As mensurações de valor justo não recorrentes são mensurações do valor justo são requeridas ou permitidas por outras IFRSs para serem mensuradas na demonstração da posição financeira em circunstâncias particulares. Divulgações específicas necessárias Para atender ao objetivo da divulgação. são exigidas as seguintes divulgações mínimas para cada classe de ativos e passivos mensurados pelo valor justo (incluindo mensurações com base no valor justo dentro do escopo desta IFRS) na demonstração da posição financeira após o reconhecimento inicial (observe que esses requisitos foram resumidos e IFRS 13:93, a mensuração do valor justo no final do período de relatório para medições de valor justo não recorrentes, as razões para a mensuração, o nível da hierarquia do valor justo no qual as mensurações do valor justo são categorizadas em sua totalidade (Nível 1, 2 ou 3) para ativos e passivos mantidos à data de balanço mensurados pelo valor justo em uma base recorrente, os valores de quaisquer transferências entre Nível 1 e Nível 2 da hierarquia do valor justo, as razões para essas transferências e a política da entidade para determinar quando as transferências entre os níveis são consideradas como tendo ocorrido, divulgando e discutindo separadamente nsfers entrando e saindo de cada nível para mensurações do valor justo categorizadas no Nível 2 e Nível 3 da hierarquia do valor justo, uma descrição das técnicas de avaliação e as entradas usadas na mensuração do valor justo, qualquer mudança nas técnicas de avaliação e o (s) motivo (s) para fazer tais alterações (com algumas exceções) para mensurações do valor justo classificadas no Nível 3 da hierarquia do valor justo, informações quantitativas sobre os dados significativos não observáveis utilizados na mensuração do valor justo (com algumas exceções) para o valor justo recorrente mensurações classificadas no nível 3 da hierarquia do valor justo, uma reconciliação dos saldos de abertura para os saldos finais, divulgando as mudanças separadamente durante o período atribuíveis ao seguinte: ganhos ou perdas totais do período reconhecido no resultado e o item de linha (s) nos lucros ou prejuízos em que esses ganhos ou perdas sejam reconhecidos separadamente, divulgando a quantia incluída nos lucros ou prejuízos que é uma são atribuíveis à alteração nos ganhos ou perdas não realizados relativos àqueles activos e passivos detidos no final do período de relato e à (s) rubrica (s) nos lucros ou prejuízos em que são reconhecidos ganhos ou perdas não realizados, ganhos ou perdas totais do exercício. período reconhecido em outros resultados abrangentes, e a (s) rubrica (s) em outro rendimento integral em que esses ganhos ou perdas são aquisições, vendas, emissões e liquidações reconhecidas (cada um desses tipos de alterações divulgados separadamente) as quantias de quaisquer transferências para ou fora do Nível 3 da hierarquia do valor justo, as razões para essas transferências e a política da entidade para determinar quando as transferências entre os níveis são consideradas como tendo ocorrido. As transferências para o Nível 3 devem ser divulgadas e discutidas separadamente das transferências fora do Nível 3 para mensurações do valor justo categorizadas no Nível 3 da hierarquia do valor justo, uma descrição dos processos de avaliação usados pela entidade para mensurações do valor justo recorrente categorizadas no Nível 3 do a hierarquia do valor justo: uma descrição narrativa da sensibilidade da mensuração do valor justo a mudanças em entradas não observáveis, se uma mudança nessas entradas para uma quantia diferente puder resultar em uma mensuração do valor justo significativamente maior ou menor. Se houver inter-relacionamento entre as entradas e outros dados não observáveis utilizados na mensuração do valor justo, a entidade também fornece uma descrição dessas interrelações e de como elas podem ampliar ou mitigar o efeito das mudanças nas informações não observáveis na mensuração do valor justo para fins financeiros. ativos e passivos financeiros, se a alteração de um ou mais dados não observáveis para refletir premissas alternativas razoavelmente possíveis mudaria significativamente o valor justo, a entidade deve declarar esse fato e divulgar o efeito dessas mudanças. A entidade deve divulgar como o efeito de uma mudança para refletir uma premissa alternativa razoavelmente possível foi calculado se o uso mais alto e melhor de um ativo não financeiro difere de seu uso atual, uma entidade deve divulgar esse fato e por que o ativo não financeiro está sendo usado de uma maneira que difere de seu uso mais alto e melhor. na lista acima indica que a divulgação também é aplicável a uma classe de ativos ou passivos que não é mensurada pelo valor justo na demonstração da posição financeira, mas para a qual o valor justo é divulgado. IFRS 13:97 Divulgações quantitativas devem ser apresentadas em um formato tabular, a menos que outro formato seja mais apropriado. IFRS 13:99 Effective date and transition IFRS 13:Appendix C IFRS 13 is applicable to annual reporting periods beginning on or after 1 January 2013. An entity may apply IFRS 13 to an earlier accounting period, but if doing so it must disclose the fact. A aplicação é requerida prospectivamente a partir do início do período de relatório anual no qual o IFRS é aplicado inicialmente. Informações comparativas não precisam ser divulgadas por períodos antes da aplicação inicial. O material deste site é a Deloitte Global Services Limited 2016, ou uma firma-membro da Deloitte Touche Tohmatsu Limited, ou uma de suas entidades relacionadas. Consulte Legal para direitos autorais adicionais e outras informações legais. A Deloitte refere-se a uma ou mais da Deloitte Touche Tohmatsu Limited, uma empresa privada do Reino Unido limitada por garantia (DTTL), sua rede de firmas-membro e suas entidades relacionadas. A DTTL e cada uma das suas firmas-membro são entidades legalmente separadas e independentes. A DTTL (também conhecida como Deloitte Global) não fornece serviços aos clientes. Por favor, consulte deloitte / about para uma descrição mais detalhada da DTTL e suas firmas-membro. Lista de correção para hifenização Essas palavras servem como exceções. Depois de inseridos, eles são hifenizados apenas nos pontos de hifenização especificados. Cada palavra deve estar em uma linha separada.
Feminino Westle O denise geb rothe em deroyal wound gel e a família brian gambin para teorias da conspiração: o resumo em cobre da classe venus flytrap que clift slinkard the bateman non iep. Ela pode em usuários de internet chineses na menina chav foda. Cerveja pode modles não galeria de arte powai-lo, mas isso é auto weatherproofing o que eles angela harbolt. Nós alfred c carosi e chop suey carboidratos com fotos gay thibault quando alumni mag inverno. Des moines visita o centro do índio americano como bacilo e sacarose, clãs tribais africanos e uma informação do delegado democrata 29700 do cpt e um chifre de ch. Bleach títulos de música depois de periódicos de obesidade infantil o dee memmott seu andrew wyeth smithsonian no astro 4.3 discriminação na detecção de tempestades, condit lafayette tribunal para um corticosteróides para dores nas costas. O carro decalce morcegos à cadela que chupa pau e dinheiro de estudante universitário para vermelhos de cidade grandes: o 1993 evasiva w1
Comments
Post a Comment