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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 15 U.S.C. § 77xxx Unlawful representations us united_states_code code_section 15 COMMERCE AND TRADE 2A SECURITIES AND TRUST INDENTURES 77xxx 15 U.S.C. § 77xxx current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip /us/usc/t15/s77xxx data/legal/raw/us/code/title-15/usc15.xml 8e450bfca2c5fe1e6a0f4c904a1294e142e9c8c57c05f8f3d206a439b98200b1 6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059 85f066294e9f73d6fd6140da47f9823f18a2960c5b97e3f07470ee57db6c9aca 2026-07-04 official
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15 U.S.C. § 77xxx - Unlawful representations

Text

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, § 324, as added Aug. 3, 1939, ch. 411, 53 Stat. 1176; amended Aug. 10, 1954, ch. 667, title III, § 305, 68 Stat. 688.)

Notes

Editorial Notes

Amendments1954—Act Aug. 10, 1954, substituted “offering, selling, or issuing” for “issuing or selling”.

Statutory Notes and Related Subsidiaries

Effective Date of 1954 AmendmentAmendment by act Aug. 10, 1954, effective 60 days after Aug. 10, 1954, see note under section 77b of this title.

Executive Documents

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, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.