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| Securities Lawyer's Deskbook
of Cincinnati College of Law
General Rules and Regulations
Securities Exchange Act of 1934
Rule 10b-5 -- Employment of Manipulative and Deceptive Devices
It shall be unlawful for any person, directly or indirectly, by the use of any means
or instrumentality of interstate commerce, or of the mails or of any facility of
any national securities exchange,
- To employ any device, scheme, or artifice to defraud,
- To make any untrue statement of a material fact
or to omit to state a material fact necessary in order to make the statements
made, in the light of the circumstances under which they were made, not misleading,
- To engage in any act, practice, or course of business
which operates or would operate as a fraud or deceit upon any person,
in connection with the purchase or sale of any security.
13 FR 8183, Dec. 22, 1948, as amended at 16 FR 7928, Aug. 11, 1951