Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part VII - Securities
Subpart D - Fraudulent and Prohibited Practices
Chapter 401 - SALES AND PURCHASES
Section 401.020 - Professional responsibility

Universal Citation: 10 PA Code ยง 401.020
Current through Register Vol. 54, No. 12, March 23, 2024

For the purposes of any action or proceeding initiated by the Department, under 2 Pa.C.S. § 503 (relating to discipline), 1 Pa. Code § 31.28 (relating to suspension and disbarment) or under any other applicable rules of practice adopted by the Department, the phrase "act, practice or course of business" as used in this chapter shall include a statement, opinion, report or service by an attorney, accountant, engineer, appraiser or other professional person who examines, gives or produces a statement, opinion, report or service if the professional person knew or in the exercise of reasonable care should have known that the statement, opinion, report or service materially aided or abetted a violation of the act or the regulations adopted thereunder.

The provisions of this § 401.020 amended under section 202.C of the Department of Banking and Securities Code (71 P.S. § 733-202.C); section 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. § 1-609(a)); and section 9(b) of the Takeover Disclosure Law (70 P.S. § 79(b)).

This section cited in 10 Pa. Code § 609.010 (relating to use of prospective financial statements).

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