§ 687f. Unlawful acts and omissions by officers, directors, employees, or agents
431 words·~2 min read·
/usc/title-15/section-687fA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Violation by licensee deemed violation by persons participating Wherever a licensee violates any provision of this chapter or regulation issued thereunder by reason of its failure to comply with the terms thereof or by reason of its engaging in any act or practice which constitutes or will constitute a violation thereof, such violation shall be deemed to be also a violation and an unlawful act on the part of any person who, directly or indirectly, authorizes, orders, participates in, or causes, brings about, counsels, aids, or abets in the commission of any acts, practices, or transactions which constitute or will constitute, in whole or in part, such violation.
(b)Breach of fiduciary duty It shall be unlawful for any officer, director, employee, agent, or other participant in the management or conduct of the affairs of a licensee to engage in any act or practice, or to omit any act, in breach of his fiduciary duty as such officer, director, employee, agent, or participant, if, as a result thereof, the licensee has suffered or is in imminent danger of suffering financial loss or other damage.
(c)Disqualification of officers and employees for dishonesty, fraud, or breach of trust Except with the written consent of the Administration, it shall be unlawful—
(1)for any person hereafter to take office as an officer, director, or employee of a licensee, or to become an agent or participant in the conduct of the affairs or management of a licensee, if—
(A)he has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust, or
(B)he has been found civilly liable in damages, or has been permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust; or
(2)for any person to continue to serve in any of the above-described capacities, if—
(A)he is hereafter convicted of a felony, or any other criminal offense involving dishonesty or breach of trust, or
(B)he is hereafter found civilly liable in damages, or is permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust.
(Pub. L. 85–699, title III, § 314, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1363.)
Connections1 cite this · traces to 1
Cited by 1 section
Traces to 1 document
3 references not yet in our index
- Pub. L. 85–699, title III, § 314
- Pub. L. 89–779, § 7
- 80 Stat. 1363
Citation graph
cites case law
§ 687f
Unlawful acts and omissions by officers, directors, employees, or agents
Stat. Comp.×1
Pub. L.Pub. L. 85–699, title III, § 314
Pub. L.Pub. L. 89–779, § 7
Stat.80 Stat. 1363
Cites 4Cited by 1 across 1 source