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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 16 - Commercial Practices |
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Chapter I - Federal Trade Commission |
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SubChapter C - Regulations Under Specific Acts of Congress |
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Part 317 - Prohibition of Energy Market Manipulation Rule |
§ 317.3 - Prohibited practices.
Latest version.
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§ 317.3 Prohibited practices.
It shall be unlawful for any person, directly or indirectly, in connection with the purchase or sale of crude oil, gasoline, or petroleum distillates at wholesale, to:
(a) Knowingly engage in any act, practice, or course of business - including the making of any untrue statement of material fact - that operates or would operate as a fraud or deceit upon any person; or
(b) Intentionally fail to state a material fact that under the circumstances renders a statement made by such person misleading, provided that such omission distorts or is likely to distort market conditions for any such product.