§80b–1 — Title 15 Commerce and Trade | U.S. Code

Summary

Says investment advisers are important to the nation. They give advice, write reports, and make contracts using the mail and other ways that cross state lines. Their work usually involves buying and selling securities on national exchanges or in interstate markets, and securities from companies that do business in many states and from national or Federal Reserve member banks. These activities happen so often that they significantly affect trade between states, the stock markets, the national banking system, and the U.S. economy.

Title 15, §80b–1

Commerce and Trade — Source: USLM XML via OLRC

Upon the basis of facts disclosed by the record and report of the Securities and Exchange Commission made pursuant to section 79z–4 11 See References in Text note below. of this title, and facts otherwise disclosed and ascertained, it is found that investment advisers are of national concern, in that, among other things—

(1)their advice, counsel, publications, writings, analyses, and reports are furnished and distributed, and their contracts, subscription agreements, and other arrangements with clients are negotiated and performed, by the use of the mails and means and instrumentalities of interstate commerce;

(2)their advice, counsel, publications, writings, analyses, and reports customarily relate to the purchase and sale of securities traded on national securities exchanges and in interstate over-the-counter markets, securities issued by companies engaged in business in interstate commerce, and securities issued by national banks and member banks of the Federal Reserve System; and

(3)the foregoing transactions occur in such volume as substantially to affect interstate commerce, national securities exchanges, and other securities markets, the national banking system and the national economy.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 79z–4 of this title, referred to in text, was repealed by Pub. L. 109–58, title XII, § 1263, Aug. 8, 2005, 119 Stat. 974.

Executive Documents

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, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.

§80b–1 Findings

Summary

Title 15, §80b–1

Notes & Related Subsidiaries

Editorial Notes

References in Text

Executive Documents

Transfer of Functions

Transfer of Functions

Citations & Metadata