§ 80b-8. — General prohibitions.
[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-8]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II--INVESTMENT ADVISERS
Sec. 80b-8. General prohibitions
(a) Representations of sponsorship by United States or agency thereof
It shall be unlawful for any person registered under section 80b-3
of this title to represent or imply in any manner whatsoever that such
person has been sponsored, recommended, or approved, or that his
abilities or qualifications have in any respect been passed upon by the
United States or any agency or any officer thereof.
(b) Statement of registration under Securities Exchange Act of 1934
provisions
No provision of subsection (a) of this section shall be construed to
prohibit a statement that a person is registered under this subchapter
or under the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], if
such statement is true in fact and if the effect of such registration is
not misrepresented.
(c) Use of name ``investment counsel'' as descriptive of business
It shall be unlawful for any person registered under section 80b-3
of this title to represent that he is an investment counsel or to use
the name ``investment counsel'' as descriptive of his business unless
(1) his or its principal business consists of acting as investment
adviser, and (2) a substantial part of his or its business consists of
rendering investment supervisory services.
(d) Use of indirect means to do prohibited act
It shall be unlawful for any person indirectly, or through or by any
other person, to do any act or thing which it would be unlawful for such
person to do directly under the provisions of this subchapter or any
rule or regulation thereunder.
(Aug. 22, 1940, ch. 686, title II, Sec. 208, 54 Stat. 853; Pub. L. 86-
750, Secs. 10, 11, Sept. 13, 1960, 74 Stat. 887.)
References in Text
The Securities Exchange Act of 1934, referred to in subsec. (b), is
act June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is classified
generally to chapter 2B (Sec. 78a et seq.) of this title. For complete
classification of this Act to the Code, see section 78a of this title
and Tables.
Amendments
1960--Pub. L. 86-750, Sec. 10, substituted ``General prohibitions''
for ``Unlawful representations'' in section catchline.
Subsec. (c). Pub. L. 86-750, Sec. 11(a), authorized representation
as an investment counsel if person's principal business consisted of
acting as investment adviser, and a substantial part of the business was
rendering investment supervisory services, and struck out the
requirements that the person be primarily engaged in rendering
investment supervisory services, or that his registration application
state that the person is, or is about to become engaged primarily in
rendering investment advisory services.
Subsec. (d). Pub. L. 86-750, Sec. 11(b), added subsec. (d).
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.
