§317.3. Prohibited practices.
16 C.F.R. § 317.3
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:
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
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.
Notes, amendments, and revision history
Authority
Authority: 42 U.S.C. 17301-17305; 15 U.S.C. 41-58.
Source
Source: 74 FR 40701, Aug. 12, 2009, unless otherwise noted.