In this task, you will be shown a prompt from a judicial decision and multiple holding statements derived from citations following text in a legal decision. Holdings represent the governing legal rule when the law is applied to a particular set of facts. There are five answer choices for each citing text. The correct answer is the holding statement that corresponds to the citing text. The four incorrect answers are other holding statements. You should find the correct option. There is a <HOLDING> token in the position of the citing text prompt where the holding statement was extracted.
Q: misrepresentation, or nondisclosure intended to deceive."). Also, Section 17(a) of the Securities Act functions in conjunction with Section 10(b) of the Exchange Act to "prohibit fraud in the offer, purchase, and sale of securities." SEC v. Global Telecom Servs., L.L.C., 325 F.Supp.2d 94, 111 (D.Conn.2004) (citations omitted). Similarly, Section 15(c) of the Exchange Act "prohibits a broker or dealer from using any manipulative or deceptive device ... to induce or attempt to induce the purchase or sale of any security." SEC v. George, 426 F.3d 786, 792 (6th Cir.2005). To prove any, or all, of these violations, the SEC must establish that the defendant made material false statements or omissions , with scienter , in connection with the securities exchange. See Ganino, 228 F.3d at 161(<HOLDING>) (citations omitted); Global Telecom., 325
Holding statements: (A) holding that for a section 10b violation the sec must prove that the defendant in connection with the purchase or sale of securities made a materially false statement or omitted a material fact with scienter and that the plaintiffs reliance on the defendants action caused injury to the plaintiff (B) holding that a plaintiff alleging securities fraud must show that a defendant 1 made a material misrepresentation or a material omission as to which he or she had a duty to speak 2 with scienter 3 in connection with the purchase or sale of securities (C) holding that plaintiff failed to prove reasonable reliance on a false statement (D) holding that section 10b violation occurs on date of alleged misrepresentation not the date of the sale or purchase of securities (E) holding breach of best execution duty is a material misrepresentation in connection with the purchase or sale of the securities
A:
(A)