2015 US Code
Title 15 - Commerce and Trade (Sections 1 - 8405)
Chapter 2B - Securities Exchanges (Sections 78a - 78pp)
Sec. 78z - Unlawful representations

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Publication TitleUnited States Code, 2012 Edition, Supplement 3, Title 15 - COMMERCE AND TRADE
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 15 - COMMERCE AND TRADE
Sec. 78z - Unlawful representations
Containssection 78z
Laws In Effect As Of DateJanuary 3, 2016
Positive LawNo
Source CreditJune 6, 1934, ch. 404, title I, §26, 48 Stat. 902; Pub. L. 105-353, title III, §301(b)(5), Nov. 3, 1998, 112 Stat. 3236.
Statutes at Large References48 Stat. 902
64 Stat. 1265
112 Stat. 3236
Public and Private LawsPublic Law 105-353

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15 U.S.C. § 78z (2015)

§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; Pub. L. 105–353, title III, §301(b)(5), Nov. 3, 1998, 112 Stat. 3236.)


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.


1998—Pub. L. 105–353 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.

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