Title 15, Commerce and TradeRelease 119-73not60
§80a–48 Penalties
Title 15 › Chapter 2D— INVESTMENT COMPANIES AND ADVISERS › Subchapter I— INVESTMENT COMPANIES › § 80a–48
Summary
Intentionally breaking these rules or lying or omitting important facts in required filings can result in up to a $10,000 fine, up to five years' imprisonment, or both. If someone proves they did not know the rule, they cannot be convicted.
Full Legal Text
Title 15, §80a–48
Commerce and Trade, Source: USLM XML via OLRC
Any person who willfully violates any provision of this subchapter or of any rule, regulation, or order hereunder, or any person who willfully in any registration statement, application, report, account, record, or other document filed or transmitted pursuant to this subchapter or the keeping of which is required pursuant to section 80a–30(a) of this title makes any untrue statement of a material fact or omits to state any material fact necessary in order to prevent the statements made therein from being materially misleading in the light of the circumstances under which they were made, shall upon conviction be fined not more than $10,000 or imprisoned not more than five years, or both; but no person shall be convicted under this section for the violation of any rule, regulation, or order if he proves that he had no actual knowledge of such rule, regulation, or order.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1975—Pub. L. 94–29 substituted “or imprisoned not more than five years” for “or imprisoned not more than two years”.
Statutory Notes and Related Subsidiaries
Effective Date
of 1975 AmendmentAmendment by Pub. L. 94–29 effective June 4, 1975, see section 31(a) of Pub. L. 94–29, set out as a note under section 78b of this title.
Reference
Citations & Metadata
Citation
15 U.S.C. § 80a–48
Title 15, Commerce and Trade
Last Updated
Apr 3, 2026
Release point: 119-73not60