On April 9, the Federal Reserve Board published a final rule that allows supervised entities to engage in off-exchange foreign currency transactions with retail customers. Covered transactions include foreign exchange transactions that are futures or options on futures, options on foreign currency not traded on a registered national securities exchange, and “rolling spot” transactions. The rule, which is substantially similar to the proposed version, establishes requirements for (i) risk disclosure statements to customers, (ii) recordkeeping, (iii) business conduct, (iv) customer confirmations, monthly statements, and notices of transfer, and (v) implementing internal rules and procedures to maintain trading and operational standards. The rule requires regulated institutions engaging in such transactions to (i) provide notice to the Federal Reserve Board, (ii) maintain capital requirements, and (iii) collect a certain margin amount for retail foreign exchange transactions. The rule takes effect on May 13, 2013.