§ 78z. — 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: 15USC78z]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2B--SECURITIES EXCHANGES
Sec. 78z. Unlawful representations
No action or failure to act by the Commission or the Board of
Governors of the Federal Reserve System, in the administration of this
chapter shall be construed to mean that the particular authority has in
any way passed upon the merits of, or given approval to, any security or
any transaction or transactions therein, nor shall such action or
failure to act with regard to any statement or report filed with or
examined by such authority pursuant to this chapter or rules and
regulations thereunder, be deemed a finding by such authority that such
statement or report is true and accurate on its face or that it is not
false or misleading. It shall be unlawful to make, or cause to be made,
to any prospective purchaser or seller of a security any representation
that any such action or failure to act by any such authority is to be so
construed or has such effect.
(June 6, 1934, ch. 404, title I, Sec. 26, 48 Stat. 902; Pub. L. 105-353,
title III, Sec. 301(b)(5), Nov. 3, 1998, 112 Stat. 3236.)
References in Text
This chapter, referred to in text, was in the original ``this
title''. See References in Text note set out under section 78a of this
title.
Amendments
1998--Pub. L. 105-353 substituted ``Board of Governors of the
Federal Reserve System'' for ``Federal Reserve Board''.
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.
