Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
80A.03 UNLAWFUL ACTIVITIES.
It is unlawful for any person to effect any transaction in, or to induce the purchase or sale of
any security by means of any manipulative, deceptive or other fraudulent device or contrivance,
including any fictitious quotation. The terms "manipulative, deceptive, or other fraudulent device
or contrivance" shall include, but shall not be limited to, the following practices:
(a) effecting any transaction in a security which involves no change in the beneficial
ownership thereof, or entering any order or orders for the purchase or sale of any security with
the knowledge that an order or orders of substantially the same size, at substantially the same
time, and at substantially the same price, for the sale or purchase of the security, have been or
will be entered by or for the same or affiliated persons, for the purpose of creating a false or
misleading appearance of active trading in the security or a false or misleading appearance with
respect to the market for the security;
(b) effecting, alone or with one or more other persons, a series of transactions in any security
creating actual or apparent active trading in the security or raising or depressing the price of the
security, for the purpose of inducing the purchase or sale of the security by others; or
(c) inducing the purchase or sale of any security by the circulation or dissemination of
information to the effect that the price of the security will or is likely to rise or fall because of
market operations of any one or more persons conducted for the purpose of raising or depressing
the price of the security, if the person circulating or disseminating the information is selling or
offering to sell or purchasing or offering to purchase the security or is receiving a consideration,
directly or indirectly, from any person to whom the information is circulated or disseminated.
History: 1973 c 451 s 3; 1986 c 444
NOTE: This section is repealed by Laws 2006, chapter 196, article 1, section 51, effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.
It is unlawful for any person to effect any transaction in, or to induce the purchase or sale of
any security by means of any manipulative, deceptive or other fraudulent device or contrivance,
including any fictitious quotation. The terms "manipulative, deceptive, or other fraudulent device
or contrivance" shall include, but shall not be limited to, the following practices:
(a) effecting any transaction in a security which involves no change in the beneficial
ownership thereof, or entering any order or orders for the purchase or sale of any security with
the knowledge that an order or orders of substantially the same size, at substantially the same
time, and at substantially the same price, for the sale or purchase of the security, have been or
will be entered by or for the same or affiliated persons, for the purpose of creating a false or
misleading appearance of active trading in the security or a false or misleading appearance with
respect to the market for the security;
(b) effecting, alone or with one or more other persons, a series of transactions in any security
creating actual or apparent active trading in the security or raising or depressing the price of the
security, for the purpose of inducing the purchase or sale of the security by others; or
(c) inducing the purchase or sale of any security by the circulation or dissemination of
information to the effect that the price of the security will or is likely to rise or fall because of
market operations of any one or more persons conducted for the purpose of raising or depressing
the price of the security, if the person circulating or disseminating the information is selling or
offering to sell or purchasing or offering to purchase the security or is receiving a consideration,
directly or indirectly, from any person to whom the information is circulated or disseminated.
History: 1973 c 451 s 3; 1986 c 444
NOTE: This section is repealed by Laws 2006, chapter 196, article 1, section 51, effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.
Official Publication of the State of Minnesota
Revisor of Statutes