Regulation X

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Regulation X is the Federal Reserve Board regulation that implements Section 7(f) of the Securities Exchange Act of 1934, governs credit limits and extends the margin rules of Regulations T and U to certain off-shore borrowers in certain situations.

Regulation X prohibits US borrowers from obtaining credit purpose from outside the United States that does not conforms to Regulation T (for credit obtained from the foreign branches of broker-dealers) or Regulation U (for credit obtained from a foreign branch of a bank or any other lender outside the United States.

Regulation X does not apply to credit obtained by foreign borrowers to buy United States securities or to credit obtained by any US borrower to buy securities of an issuer organised outside the US and whose principal place of business is outside the US.

See also

• Regulation T