17 CFR 240.15c1-8
§ 240.15c1-8 Sales at the market.
United States · 17 CFR — Commodity and Securities Exchanges · Status: effective
Cite this
- Citation
- 17 CFR 240.15c1-8, § 240.15c1-8 Sales at the market, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/69204
- Permanent ID
ys:prov:69204@1- SHA-256
3f815bd94b81e86a959f195b44b98d574d0307369ce4c46e10b740b67dbf3373
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Full text
The term manipulative, deceptive, or other fraudulent device or contrivance, as used in section 15(c)(1) of the Act, is hereby defined to include any representation made to a customer by a broker, dealer or municipal securities dealer who is participating or otherwise financially interested in the primary or secondary distribution of any security which is not admitted to trading on a national securities exchange that such security is being offered to such customer “at the market” or at a price related to the market price unless such broker, dealer or municipal securities dealer knows or has reasonable grounds to believe that a market for such security exists other than that made, created, or controlled by him, or by any person for whom he is acting or with whom he is associated in such distribution, or by any person controlled by, controlling or under common control with him.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.