Rule 10b-5
E24308
Rule 10b-5 is a core SEC anti-fraud regulation that prohibits deceptive practices in connection with the purchase or sale of securities.
Aliases (3)
- 17 C.F.R. § 240.10b-5 ×1
- Rule 10b5-1 ×1
- Rule 10b5-2 ×1
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
SEC rule
→
United States securities regulation → anti-fraud rule → |
| adoptedOn |
1942
→
|
| appliesTo |
analyst calls
→
filings with the SEC → investor presentations → oral statements → press releases → private securities transactions → publicly traded securities → purchase of securities → sale of securities → written statements → |
| authority |
promulgated by the U.S. Securities and Exchange Commission
→
|
| category |
anti-manipulation and anti-fraud provisions
→
|
| codifiedAt |
17 C.F.R. § 240.10b-5
→
|
| enforcedBy |
U.S. Securities and Exchange Commission
→
|
| goal |
maintain integrity of securities markets
→
protect investors from securities fraud → |
| influenced |
development of U.S. securities fraud jurisprudence
→
|
| interpretedBy |
U.S. federal courts
→
|
| jurisdiction |
United States
→
|
| legalBasis |
Section 10(b) of the Securities Exchange Act of 1934
→
|
| legalStandard |
damages in private actions
→
in connection with the purchase or sale of a security → loss causation in private actions → material misrepresentation or omission → reliance in private actions → use of interstate commerce or the mails → |
| partOf |
Securities Exchange Act of 1934
→
|
| prohibits |
any act, practice, or course of business that operates as a fraud or deceit upon any person
→
any device, scheme, or artifice to defraud → fraud in connection with the purchase or sale of securities → omission of material facts necessary to make statements not misleading → untrue statements of material fact → |
| relatedTo |
Rule 10b5-1
→
Rule 10b5-2 → insider trading enforcement → |
| requires |
scienter for private damages actions
→
|
| scope |
broker-dealer misconduct
→
corporate insider trading → investment adviser misconduct → issuer misstatements → tipping and tippee liability → |
| textBegins |
It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce
→
|
| usedIn |
SEC enforcement actions
→
private securities fraud litigation → |
Referenced by (5)
| Subject (surface form when different) | Predicate |
|---|---|
|
Rule 10b-5
("Rule 10b5-1")
→
Rule 10b-5 ("Rule 10b5-2") → |
relatedTo |
|
Rule 10b-5
("17 C.F.R. § 240.10b-5")
→
|
codifiedAt |
|
'34 Act
→
|
containsRule |
|
U.S. Securities Exchange Act of 1934
→
|
keyProvision |