§ 77e. — Prohibitions relating to interstate commerce and the mails.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77e]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER I--DOMESTIC SECURITIES
Sec. 77e. Prohibitions relating to interstate commerce and the
mails
(a) Sale or delivery after sale of unregistered securities
Unless a registration statement is in effect as to a security, it
shall be unlawful for any person, directly or indirectly--
(1) to make use of any means or instruments of transportation or
communication in interstate commerce or of the mails to sell such
security through the use or medium of any prospectus or otherwise;
or
(2) to carry or cause to be carried through the mails or in
interstate commerce, by any means or instruments of transportation,
any such security for the purpose of sale or for delivery after
sale.
(b) Necessity of prospectus meeting requirements of section 77j of this
title
It shall be unlawful for any person, directly or indirectly--
(1) to make use of any means or instruments of transportation or
communication in interstate commerce or of the mails to carry or
transmit any prospectus relating to any security with respect to
which a registration statement has been filed under this subchapter,
unless such prospectus meets the requirements of section 77j of this
title; or
(2) to carry or cause to be carried through the mails or in
interstate commerce any such security for the purpose of sale or for
delivery after sale, unless accompanied or preceded by a prospectus
that meets the requirements of subsection (a) of section 77j of this
title.
(c) Necessity of filing registration statement
It shall be unlawful for any person, directly or indirectly, to make
use of any means or instruments of transportation or communication in
interstate commerce or of the mails to offer to sell or offer to buy
through the use or medium of any prospectus or otherwise any security,
unless a registration statement has been filed as to such security, or
while the registration statement is the subject of a refusal order or
stop order or (prior to the effective date of the registration
statement) any public proceeding or examination under section 77h of
this title.
(May 27, 1933, ch. 38, title I, Sec. 5, 48 Stat. 77; June 6, 1934, ch.
404, title II, Sec. 204, 48 Stat. 906; Aug. 10, 1954, ch. 667, title I,
Sec. 7, 68 Stat. 684.)
Amendments
1954--Subsec. (a)(1). Act Aug. 10, 1954, struck out ``or offer to
buy'' after ``to sell''.
Subsec. (b). Act Aug. 10, 1954, in par. (1) substituted ``with
respect to which a registration statement has been filed'' for
``registered'' and in par. (2) omitted ``to'' after ``to carry or'' and
inserted ``subsection (a) of'' before ``section 77j of this title''.
Subsec. (c). Act Aug. 10, 1954, added subsec. (c).
1934--Act June 6, 1934, repealed subsec. (c), the provisions of
which were replaced by section 77c(a)(11) of this title.
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.
Increased Access to Foreign Business Information
Pub. L. 104-290, title I, Sec. 109, Oct. 11, 1996, 110 Stat. 3426,
provided that: ``Not later than 1 year after the date of enactment of
this Act [Oct. 11, 1996], the Commission shall adopt rules under the
Securities Act of 1933 [15 U.S.C. 77a et seq.] concerning the status
under the registration provisions of the Securities Act of 1933 of
foreign press conferences and foreign press releases by persons engaged
in the offer and sale of securities.''
Section Referred to in Other Sections
This section is referred to in sections 77b, 77c, 77d, 77j, 77l,
77ddd, 80a-3, 80a-24, 3904 of this title; title 11 sections 364, 1129,
1145; title 42 section 9675; title 45 section 791.
