The Securities and Exchange Act of
1934
Section 3(a)(39)
A person is subject to a "statutory
disqualification" with respect to membership
or participation in, or association with a member of,
a
self- regulatory organization, if such
person--
has willfully made or caused
to be made in any application for membership or participation
in, or to become associated with a member of, a self regulatory organization,
report required to be filed with a self-regulatory organization, or proceeding
before a self-regulatory organization,
any statement which was at the
time, and in the light of the circumstances under which it was made, false or
misleading with respect to any material fact, or has omitted to state
in any such application, report, or proceeding any material fact which is
required to be stated therein.