12 CFR §48.6

1. (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.
2. (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.
3. (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).
4. (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:
5. (e)
   1. (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:
      1. (i)The total number of retail forex customer accounts maintained by the national bank over which the national bank does not exercise investment discretion;
      2. (ii)The percentage of such accounts that were profitable for retail forex customer accounts during the quarter; and
      3. (iii)The percentage of such accounts that were not profitable for retail forex customer accounts during the quarter.
   2. (2)The national bank's statement of profitable trades must include the following legend: “Past performance is not necessarily indicative of future results.” 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.
6. (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. (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. (2)An explanation of how the national bank will determine the amount of such fees, charges, spreads, or commissions; and
   3. (3)The circumstances under which the national bank may impose such fees, charges, spreads, or commissions.
7. (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.
8. (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.
9. (i)Other disclosure requirements unaffected. This section does not relieve a national bank from any other disclosure obligation it may have under applicable law.