CITE

    15 USC Sec. 77xxx                                           01/08/2008

EXPCITE

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

HEAD

    Sec. 77xxx. Unlawful representations

STATUTE

      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.

SOURCE

    (May 27, 1933, ch. 38, title III, Sec. 324, as added Aug. 3, 1939,
    ch. 411, 53 Stat. 1176; amended Aug. 10, 1954, ch. 667, title III,
    Sec. 305, 68 Stat. 688.)

AMENDMENTS

      1954 - Act Aug. 10, 1954, substituted "offering, selling, or
    issuing" for "issuing or selling".
                     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.

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