§ 48.11. Unlawful representations.
235 words·~1 min read·
/us/cfr/t12/s§ 48.11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 bank's 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.