16 CFR § 317.3 - Prohibited practices.
---
identifier: "/us/cfr/t16/s317.3"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "16 CFR § 317.3 - Prohibited practices."
title_number: 16
title_name: "Commercial Practices"
section_number: "317.3"
section_name: "Prohibited practices."
chapter_name: "FEDERAL TRADE COMMISSION"
subchapter_number: "C"
subchapter_name: "REGULATIONS UNDER SPECIFIC ACTS OF CONGRESS"
part_number: "317"
part_name: "PROHIBITION OF ENERGY MARKET MANIPULATION RULE"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "42 U.S.C. 17301-17305; 15 U.S.C. 41-58."
regulatory_source: "74 FR 40701, Aug. 12, 2009, unless otherwise noted."
cfr_part: "317"
---
# 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.