§ 80b-1. — Findings.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC80b-1]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II--INVESTMENT ADVISERS
Sec. 80b-1. Findings
Upon the basis of facts disclosed by the record and report of the
Securities and Exchange Commission made pursuant to section 79z-4 of
this title, and facts otherwise disclosed and ascertained, it is found
that investment advisers are of national concern, in that, among other
things--
(1) their advice, counsel, publications, writings, analyses, and
reports are furnished and distributed, and their contracts,
subscription agreements, and other arrangements with clients are
negotiated and performed, by the use of the mails and means and
instrumentalities of interstate commerce;
(2) their advice, counsel, publications, writings, analyses, and
reports customarily relate to the purchase and sale of securities
traded on national securities exchanges and in interstate over-the-
counter markets, securities issued by companies engaged in business
in interstate commerce, and securities issued by national banks and
member banks of the Federal Reserve System; and
(3) the foregoing transactions occur in such volume as
substantially to affect interstate commerce, national securities
exchanges, and other securities markets, the national banking system
and the national economy.
(Aug. 22, 1940, ch. 686, title II, Sec. 201, 54 Stat. 847.)
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.
