
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC77xxx]

 
                      TITLE 15--COMMERCE AND TRADE
 
               CHAPTER 2A--SECURITIES AND TRUST INDENTURES
 
                    SUBCHAPTER III--TRUST INDENTURES
 
Sec. 77xxx. Unlawful representations

    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.

(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.
