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CITE

    15 USC Sec. 77q                                             01/05/2009

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER I - DOMESTIC SECURITIES

HEAD

    Sec. 77q. Fraudulent interstate transactions

STATUTE

    (a) Use of interstate commerce for purpose of fraud or deceit
      It shall be unlawful for any person in the offer or sale of any
    securities or any security-based swap agreement (as defined in
    section 206B of the Gramm-Leach-Bliley Act) by the use of any means
    or instruments of transportation or communication in interstate
    commerce or by use of the mails, directly or indirectly -
        (1) to employ any device, scheme, or artifice to defraud, or
        (2) to obtain money or property by means of any untrue
      statement of a material fact or any omission to state a material
      fact necessary in order to make the statements made, in light of
      the circumstances under which they were made, not misleading; or
        (3) to engage in any transaction, practice, or course of
      business which operates or would operate as a fraud or deceit
      upon the purchaser.
    (b) Use of interstate commerce for purpose of offering for sale
      It shall be unlawful for any person, by the use of any means or
    instruments of transportation or communication in interstate
    commerce or by the use of the mails, to publish, give publicity to,
    or circulate any notice, circular, advertisement, newspaper,
    article, letter, investment service, or communication which, though
    not purporting to offer a security for sale, describes such
    security for a consideration received or to be received, directly
    or indirectly, from an issuer, underwriter, or dealer, without
    fully disclosing the receipt, whether past or prospective, of such
    consideration and the amount thereof.
    (c) Exemptions of section 77c not applicable to this section
      The exemptions provided in section 77c of this title shall not
    apply to the provisions of this section.
    (d) Authority with respect to security-based swap agreements
      The authority of the Commission under this section with respect
    to security-based swap agreements (as defined in section 206B of
    the Gramm-Leach-Bliley Act) shall be subject to the restrictions
    and limitations of section 77b-1(b) of this title.

SOURCE

    (May 27, 1933, ch. 38, title I, Sec. 17, 48 Stat. 84; Aug. 10,
    1954, ch. 667, title I, Sec. 10, 68 Stat. 686; Pub. L. 106-554,
    Sec. 1(a)(5) [title III, Sec. 302(b), (c)], Dec. 21, 2000, 114
    Stat. 2763, 2763A-452.)

REFERENCES IN TEXT

      Section 206B of the Gramm-Leach-Bliley Act, referred to in
    subsecs. (a) and (d), is section 206B of Pub. L. 106-102 which is
    set out in a note under section 78c of this title.

AMENDMENTS

      2000 - Subsec. (a). Pub. L. 106-554, Sec. 1(a)(5) [title III,
    Sec. 302(b)], amended subsec. (a) generally. Prior to amendment,
    subsec. (a) read as follows: "It shall be unlawful for any person
    in the offer or sale of any securities by the use of any means or
    instruments of transportation or communication in interstate
    commerce or by the use of the mails, directly or indirectly -
        "(1) to employ any device, scheme, or artifice to defraud, or
        "(2) to obtain money or property by means of any untrue
      statement of a material fact or any omission to state a material
      fact necessary in order to make the statements made, in the light
      of the circumstances under which they were made, not misleading,
      or
        "(3) to engage in any transaction, practice, or course of
      business which operates or would operate as a fraud or deceit
      upon the purchaser."
      Subsec. (d). Pub. L. 106-554, Sec. 1(a)(5) [title III, Sec.
    302(c)], added subsec. (d).
      1954 - Subsec. (a). Act Aug. 10, 1954, inserted "offer or" before
    "sale" in introductory text.
                     EFFECTIVE DATE OF 1954 AMENDMENT
      Amendment by act Aug. 10, 1954, effective 60 days after Aug. 10,
    1954, see note under section 77b of this title.
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