18.10 Securities-Controlling Person Liability is a legal concept that holds individuals responsible for the actions of another. It is based on the principle that those in positions of control over certain activities should be held accountable for any misconduct or negligence in the performance of those activities. This type of liability applies to controlling persons in the securities' industry, such as corporate officers, directors, and other high-level executives. The controlling persons must ensure that the company they control is in compliance with all applicable securities laws, regulations, and industry standards. If a controlling person is found to have breached their duty of care, they can be held personally liable for any resulting damages. Types of 18.10 Securities-Controlling Person Liability include primary liability, secondary liability, and aiding and abetting liability. Primary liability is based on a controlling person's direct involvement in any fraudulent or negligent activity. Secondary liability is based on a controlling person's failure to prevent fraudulent or negligent activity. Aiding and abetting liability is based on a controlling person's assistance in the commission of a securities' violation.
18.10 Securities-Controlling Person Liability
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