Title 15 — Commerce and TradeRelease 119-73not60
§77w Unlawful Representations
Title 15 › Chapter 2A— SECURITIES AND TRUST INDENTURES › Subchapter I— DOMESTIC SECURITIES › § 77w
Summary
You must not say the SEC has checked, approved, or vouched for a security just because its registration was filed, is effective, or there is no stop order against it. Filing or effectiveness does not mean the registration is true or complete. It is illegal to tell potential buyers otherwise.
Full Legal Text
Title 15, §77w
Commerce and Trade — Source: USLM XML via OLRC
Neither the fact that the registration statement for a security has been filed or is in effect nor the fact that a stop order is not in effect with respect thereto shall be deemed a finding by the Commission that the registration statement is true and accurate on its face or that it does not contain an untrue statement of fact or omit to state a material fact, or be held to mean that the Commission has in any way passed upon the merits of, or given approval to, such security. It shall be unlawful to make, or cause to be made to any prospective purchaser any representation contrary to the foregoing provisions of this section.
Legislative History
Notes & Related Subsidiaries
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.
Reference
Citations & Metadata
Citation
15 U.S.C. § 77w
Title 15 — Commerce and Trade
Last Updated
Apr 3, 2026
Release point: 119-73not60