
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: 15USC78z]

 
                      TITLE 15--COMMERCE AND TRADE
 
                    CHAPTER 2B--SECURITIES EXCHANGES
 
Sec. 78z. Unlawful representations

    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.

(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.
