1994 US Code
Title 15 - COMMERCE AND TRADE
CHAPTER 2A - SECURITIES AND TRUST INDENTURES
SUBCHAPTER III - TRUST INDENTURES
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, §26, 48 Stat. 902; Aug. 23, 1935, ch. 614, §203(a), 49 Stat. 704.)

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.

Section 203(a) of act Aug. 23, 1935, substituted “Board of Governors of the Federal Reserve System” for “Federal Reserve Board”.

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.

Unlawful representations under—

Investment Advisers Act of 1940, see section 80b–8 of this title.

Investment Company Act of 1940, see section 80a–34 of this title.

Public Utility Holding Company Act of 1935, see section 79z–2 of this title.

Securities Act of 1933, see section 77w of this title.

Trust Indenture Act of 1939, see section 77xxx of this title.