2017 US Code
Title 15 - Commerce and Trade
Chapter 2D - Investment Companies and Advisers
Subchapter II - Investment Advisers
Sec. 80b-5 - Investment advisory contracts
|Citation||15 U.S.C. § 80b-5 (2017)|
|Section Name||§80b–5. Investment advisory contracts|
(a) Compensation, assignment, and partnership-membership provisions
(b) Compensation prohibition inapplicable to certain compensation computations
(c) Measurement of changes in compensation (d) "Investment advisory contract" defined (e) Exempt persons and transactions (f) Authority to restrict mandatory pre-dispute arbitration
2010—Subsec. (a). Pub. L. 111–203, §928, in introductory provisions, substituted "registered or required to be registered with the Commission" for ", unless exempt from registration pursuant to section 80b–3(b) of this title," and struck out "make use of the mails or any means or instrumentality of interstate commerce, directly or indirectly, to" after "shall" and "to" after "in any way".
Subsec. (e). Pub. L. 111–203, §418, inserted at end "With respect to any factor used in any rule or regulation by the Commission in making a determination under this subsection, if the Commission uses a dollar amount test in connection with such factor, such as a net asset threshold, the Commission shall, by order, not later than 1 year after July 21, 2010, and every 5 years thereafter, adjust for the effects of inflation on such test. Any such adjustment that is not a multiple of $100,000 shall be rounded to the nearest multiple of $100,000."
Subsec. (f). Pub. L. 111–203, §921(b), added subsec. (f).
1996—Subsec. (b)(4), (5). Pub. L. 104–290, §210(1), added pars. (4) and (5).
Subsec. (e). Pub. L. 104–290, §210(2), added subsec. (e).
1987—Pub. L. 100–181 completely revised and expanded provisions on investment advisory contracts, changing structure of section from a single unlettered paragraph to one consisting of four subsections lettered (a) to (d).
1980—Pub. L. 96–477 provided that par. (1) of this section was not to apply with respect to any investment advisory contract between an investment adviser and a business development company so long as the compensation provided for in such contract did not exceed 20 per cent of the realized capital gains upon the funds of the business development company and such business development company did not have outstanding any option, warrant, or right issued pursuant to section 80a–60(a)(3)(B) of this title and did not have a profit-sharing plan.
1970—Pub. L. 91–547 substituted reference to section "80b–3(b)" for "80b–3" of this title in first sentence, redesignated as second sentence former third sentence, designating existing provisions as cl. (A) and adding cl. (B) and items (i) and (ii) and provision respecting compensation based on asset value of company or fund under management averaged over a specified period in relation to investment record of an index of securities or such other measure of investment performance specified by Commission rules, regulations, or orders, inserted third sentence provision respecting point from which compensation is to be measured, substituted in fourth, formerly third, sentence "paragraphs (2) and (3) of this section" for "this section" and in definition of "investment advisory contract" the words "account of another person other than an investment company registered under subchapter I of this chapter" for "account for a person other than an investment company".
1960—Pub. L. 86–750 substituted "unless exempt from registration pursuant to" for "registered under".EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by sections 921(b) and 928 of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.
Amendment by section 418 of Pub. L. 111–203 effective 1 year after July 21, 2010, except that any investment adviser may, at the discretion of the investment adviser, register with the Commission under the Investment Advisers Act of 1940 during that 1-year period, subject to the rules of the Commission, and except as otherwise provided, see section 419 of Pub. L. 111–203, set out as a note under section 80b–2 of this title.EFFECTIVE DATE OF 1970 AMENDMENT
Amendment by Pub. L. 91–547 effective on expiration of one year after Dec. 14, 1970, see section 30(1) of Pub. L. 91–547, set out as a note under section 80a–52 of this title.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.
|Publication Title||United States Code, 2012 Edition, Supplement 5, Title 15 - COMMERCE AND TRADE|
|Category||Bills and Statutes|
|Collection||United States Code|
|SuDoc Class Number||Y 1.2/5:|
|Contained Within||Title 15 - COMMERCE AND TRADE
CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II - INVESTMENT ADVISERS
Sec. 80b-5 - Investment advisory contracts
|Laws In Effect As Of Date||January 12, 2018|
|Statutes at Large References||54 Stat. 852
64 Stat. 1265
74 Stat. 887
84 Stat. 1432
94 Stat. 2290
101 Stat. 1263
110 Stat. 3436
124 Stat. 1579
|Public Law References||Public Law 86-750, Public Law 91-547, Public Law 96-477, Public Law 100-181, Public Law 104-290, Public Law 111-203|