§77xxx. Unlawful representations
It shall be unlawful for any person in offering, selling or issuing any security to represent or imply in any manner whatsoever that any action or failure to act by the Commission in the administration of this subchapter means that the Commission has in any way passed upon the merits of, or given approval to, any trustee, indenture or security, or any transaction or transactions therein, or that any such action or failure to act with regard to any statement or report filed with or examined by the Commission pursuant to this subchapter or any rule, regulation, or order thereunder, has the effect of a finding by the Commission that such statement or report is true and accurate on its face or that it is not false or misleading.
(May 27, 1933, ch. 38, title III, §324, as added Aug. 3, 1939, ch. 411,
Amendments
1954-Act Aug. 10, 1954, substituted "offering, selling, or issuing" for "issuing or selling".
Effective Date of 1954 Amendment
Amendment by act Aug. 10, 1954, effective 60 days after Aug. 10, 1954, see note under section 77b of this title.
Transfer of Functions
For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§1, 2, eff. May 24, 1950, 15 F.R. 3175,
Cross References
Representation of guaranty or recommendation by United States of registered holding company's security, see section 79z–2 of this title.
Representations by Corporation of Foreign Security Holders as acting for Department of State or United States forbidden, see section 77kk of this title.
Rules and regulations, authority of Commission to make, issue, amend, and rescind, see section 77sss of this title.
Unlawful representations under-
Investment Advisers Act of 1940, see section 80b–8 of this title.
Investment Company Act of 1940, see section 80a–34 of this title.
Securities Act of 1933, see section 77w of this title.
Securities Exchange Act of 1934, see section 78z of this title.