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Title 15 — Commerce and TradeRelease 119-73

§80a–47 Liability of controlling persons; preventing compliance with subchapter

Title 15 › Chapter CHAPTER 2D— - INVESTMENT COMPANIES AND ADVISERS › Subchapter SUBCHAPTER I— - INVESTMENT COMPANIES › § 80a–47

Last updated Apr 6, 2026|Official source

Summary

It is illegal to get someone else to do for you what you are not allowed to do under these rules. It is also illegal, without a good reason, to slow down, block, or stop the making, filing, or keeping of any required papers, reports, or records. When the Commission brings an enforcement case, a person who knowingly or recklessly gives major help to someone who breaks these rules will be treated the same as the person who broke them.

Full Legal Text

Title 15, §80a–47

Commerce and Trade — Source: USLM XML via OLRC

(a)It shall be unlawful for any person, directly or indirectly, to cause to be done any act or thing through or by means of any other person which it would be unlawful for such person to do under the provisions of this subchapter or any rule, regulation, or order thereunder.
(b)For purposes of any action brought by the Commission under subsection (d) or (e) of section 80a–41 of this title, any person that knowingly or recklessly provides substantial assistance to another person in violation of a provision of this subchapter, or of any rule or regulation issued under this subchapter, shall be deemed to be in violation of such provision to the same extent as the person to whom such assistance is provided.
(c)It shall be unlawful for any person without just cause to hinder, delay, or obstruct the making, filing, or keeping of any information, document, report, record, or account required to be made, filed, or kept under any provision of this subchapter or any rule, regulation, or order thereunder.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Subsecs. (b), (c). Pub. L. 111–203 added subsec. (b) and redesignated former subsec. (b) as (c).

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an

Effective Date

note under section 5301 of Title 12, Banks and Banking.

Reference

Citations & Metadata

Citation

15 U.S.C. § 80a–47

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73