Glossary of Municipal Securities Terms

ANTI-FRAUD PROVISIONS

This term usually refers to the provisions of federal law prohibiting fraud (typically in the form of material omissions or misstatements or deceptive devices, schemes or conduct) in the issuance, purchase and sale of securities, regardless of whether such securities are subject to registration with the SEC. These include Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5 and other related rules. Similar provisions appear in the securities laws of certain states. See: BLUE-SKY LAWS; RULE 10b-5; SECURITIES ACT OF 1933; SECURITIES EXCHANGE ACT OF 1934.

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