[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-4]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II--INVESTMENT ADVISERS
Sec. 80b-4. Reports by investment advisers
Every investment adviser who makes use of the mails or of any means
or instrumentality of interstate commerce in connection with his or its
business as an investment adviser (other than one specifically exempted
from registration pursuant to section 80b-3(b) of this title), shall
make and keep for prescribed periods such records (as defined in section
78c(a)(37) of this title), furnish such copies thereof, and make and
disseminate such reports as the Commission, by rule, may prescribe as
necessary or appropriate in the public interest or for the protection of
investors. All records (as so defined) of such investment advisers are
subject at any time, or from time to time, to such reasonable periodic,
special, or other examinations by representatives of the Commission as
the Commission deems necessary or appropriate in the public interest or
for the protection of investors.
(Aug. 22, 1940, ch. 686, title II, Sec. 204, 54 Stat. 852; Pub. L. 86-
750, Sec. 6, Sept. 13, 1960, 74 Stat. 886; Pub. L. 94-29, Sec. 29(5),
June 4, 1975, 89 Stat. 169.)
Amendments
1975--Pub. L. 94-29 substituted ``make and keep for prescribed
periods such records (as defined in section 78c(a)(37) of this title),
furnish such copies thereof, and make and disseminate such reports as
the Commission, by rule, may prescribe as necessary or appropriate in
the public interest or for the protection of investors. All records (as
so defined) of such investment advisers are subject at any time, or from
time to time, to such reasonable periodic, special, or other
examinations by representatives of the Commission as the Commission
deems necessary or appropriate in the public interest or for the
protection of investors'' for ``make, keep, and preserve for such
periods, such accounts, correspondence, memorandums, papers, books, and
other records, and make such reports, as the Commission by its rules and
regulations may prescribe as necessary or appropriate in the public
interest or for the protection of investors. Such accounts,
correspondence, memorandums, papers, books, and other records shall be
subject at any time or from time to time to such reasonable periodic,
special, or other examinations by examiners or other representatives of
the Commission as the Commission may deem necessary or appropriate in
the public interest or for the protection of investors''.
1960--Pub. L. 86-750 substituted provisions requiring investment
advisers who make business use of the mails or any instrument of
interstate commerce, unless exempted from registration by section 80b-
3(b) of this title, to keep and preserve accounts, correspondence,
memorandums, papers, books, and records, and make such reports as the
Commission requires by its rules and regulations, and that these
accounts, correspondence, memorandums, papers, books and records shall
be subject to examination by representatives of the Commission, for
provisio
