CITE

    15 USC Sec. 78z                                             01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2B - SECURITIES EXCHANGES

HEAD

    Sec. 78z. Unlawful representations

STATUTE

      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.

SOURCE

    (June 6, 1934, ch. 404, title I, Sec. 26, 48 Stat. 902; Pub. L. 105-
    353, title III, Sec. 301(b)(5), Nov. 3, 1998, 112 Stat. 3236.)

REFERENCES IN TEXT

      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.

AMENDMENTS

      1998 - Pub. L. 105-353 substituted "Board of Governors of the
    Federal Reserve System" for "Federal Reserve Board".

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.