SEC Rule 10b-5

Makes it unlawful for any person to directly or indirectly employ manipulative or deceptive devices or to engage in fraud in interstate commerce or on any national securities exchange.

Rule Overview

Jurisdiction: United States

Regulator: SEC

Topic: Fraud

Overview
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Practices deemed unlawful include:

  • employing any device, scheme, or artifice to defraud
  • making any untrue statement of material fact or omitting to state a material fact that would make the statements made misleading
  • engaging in any act, practice, or course of business which operates as a fraud or deceipt
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