Title 15 — Commerce and TradeRelease 119-73not60

§77xxx Unlawful Representations

Title 15 › Chapter 2A— SECURITIES AND TRUST INDENTURES › Subchapter III— TRUST INDENTURES › § 77xxx

Last updated Apr 3, 2026|Official source

Summary

Anyone who offers, sells, or issues a security may not say or imply that the Commission’s action or inaction means it approved the trustee, indenture, security, or transactions. They may not claim a filing reviewed under these rules is true, accurate, or not misleading.

Full Legal Text

Title 15, §77xxx

Commerce and Trade — Source: USLM XML via OLRC

It shall be unlawful for any person in offering, selling or issuing any security to represent or imply in any manner whatsoever that any action or failure to act by the Commission in the administration of this subchapter means that the Commission has in any way passed upon the merits of, or given approval to, any trustee, indenture or security, or any transaction or transactions therein, or that any such action or failure to act with regard to any statement or report filed with or examined by the Commission pursuant to this subchapter or any rule, regulation, or order thereunder, has the effect of a finding by the Commission that such statement or report is true and accurate on its face or that it is not false or misleading.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1954—Act Aug. 10, 1954, substituted “offering, selling, or issuing” for “issuing or selling”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1954 AmendmentAmendment by act Aug. 10, 1954, effective 60 days after Aug. 10, 1954, see note under section 77b of this title.

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. § 77xxx

Title 15 — Commerce and Trade

Last Updated

Apr 3, 2026

Release point: 119-73not60