Title 15, Commerce and TradeRelease 119-73not60
§80b–1 Findings
Title 15 › Chapter 2D— INVESTMENT COMPANIES AND ADVISERS › Subchapter II— INVESTMENT ADVISERS › § 80b–1
Summary
Declares that investment advisers are a matter of national concern. Their advice and written materials are sent and used across state lines by mail and other interstate methods. They usually deal with securities traded on national exchanges or across states and with banks and companies that do business in many states. These activities happen on a large scale and affect national markets, the banking system, and the economy.
Full Legal Text
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.
Legislative History
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section 79z–4 of this title, referred to in text, was repealed by Pub.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.
Reference
Citations & Metadata
Citation
15 U.S.C. § 80b–1
Title 15, Commerce and Trade
Last Updated
Apr 3, 2026
Release point: 119-73not60