§ 78z. Unlawful representations

278 words·~1 min read·/usc/title-15/section-78z

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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, § 26, 48 Stat. 902; Pub. L. 105–353, title III, § 301(b)(5), Nov. 3, 1998, 112 Stat. 3236.)

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Public Law 105–353
To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to limit the conduct of securities class actions under State law, and for other purposes

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U.S. Code

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June 6, 1934, ch. 404
48 Stat. 902
Pub. L. 105–353, title III, § 301(b)(5)
112 Stat. 3236
Pub. L. 105–353
64 Stat. 1265

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§ 78z

Unlawful representations

Stat.×1

U.S.C.§ 78a

U.S.C.§ 78d

ActJune 6, 1934, ch. 404

Stat.48 Stat. 902

Pub. L.Pub. L. 105–353, title III, § 301(b)(5)

Stat.112 Stat. 3236

Pub. L.Pub. L. 105–353

Cites 8 · showing 7Cited by 1 across 1 source