§ 77xxx. — Unlawful representations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77xxx]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER III--TRUST INDENTURES
Sec. 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, Sec. 324, as added Aug. 3, 1939, ch.
411, 53 Stat. 1176; amended Aug. 10, 1954, ch. 667, title III, Sec. 305,
68 Stat. 688.)
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, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat.
1265, set out under section 78d of this title.
