General Rules and Regulations
promulgated
under the
Securities Exchange Act of 1934
Rule 15c1-8 -- Sales at the Market
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.
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