16 CFR 317.3
§ 317.3 Prohibited practices.
United States · 16 CFR — Commercial Practices · Status: effective
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- Citation
- 16 CFR 317.3, § 317.3 Prohibited practices, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/64420
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Full text
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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.