12 CFR 16.32 - Fraudulent transactions and unsafe or unsound practices.

§ 16.32 Fraudulent transactions and unsafe or unsound practices.

(a) No person in the offer or sale of national bank or Federal savings association securities shall directly or indirectly:

(1) Employ any device, scheme or artifice to defraud;

(2) Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or

(3) Engage in any act, practice, or course of business which operates as a fraud or deceit upon any person, in connection with the purchase or sale of any security of a national bank or Federal savings association.

(b) Nothing in this section limits the applicability of section 17 of the Securities Act ( 15 U.S.C. 77q) or section 10(b) of the Exchange Act ( 15 U.S.C. 78j) or Rule 10b-5 promulgated thereunder ( 17 CFR 240.10b-5).

(c) Any violation of this section also constitutes an unsafe or unsound practice under 12 U.S.C. 1818.

(d) SEC Rule 175 ( 17 CFR 230.175 - Liability for certain statements by issuers) applies to this part.

[ 59 FR 54798, Nov. 2, 1994, as amended at 82 FR 8109, Jan. 23, 2017]

Title 12 published on 17-Jun-2017 04:33

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 16 after this date.

  • 2017-01-23; vol. 82 # 13 - Monday, January 23, 2017
    1. 82 FR 8082 - Economic Growth and Regulatory Paperwork Reduction Act of 1996 Amendments
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Office of the Comptroller of the Currency
      Final rule.
      This final rule is effective on April 1, 2017.
      12 CFR Parts 5, 7, 8, 9, 10, 11, 12, 16, 18, 31, 150, 151, 155, 162, 163, 193, 194, 197