Title 16 Part 317 → §317.3

Title 16 → Chapter I → Subchapter C → Part 317 → §317.3

Electronic Code of Federal Regulations e-CFR

Title 16 Part 317 → §317.3

e-CFR data is current as of June 4, 2020

Title 16Chapter ISubchapter CPart 317 → §317.3

Title 16: Commercial Practices

§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.