Title 15, Commerce and TradeRelease 119-73not60
§80b–4a Prevention of Misuse of Nonpublic Information
Title 15 › Chapter 2D— INVESTMENT COMPANIES AND ADVISERS › Subchapter II— INVESTMENT ADVISERS › § 80b–4a
Summary
Investment advisers must write, keep, and enforce rules, suited to their business, to stop them or their workers from misusing important nonpublic information in ways that break the securities laws. The SEC can require specific policies when it thinks that is needed to protect investors or the public interest.
Full Legal Text
Title 15, §80b–4a
Commerce and Trade, Source: USLM XML via OLRC
Every investment adviser subject to section 80b–4 of this title shall establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser’s business, to prevent the misuse in violation of this chapter or the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], or the rules or regulations thereunder, of material, nonpublic information by such investment adviser or any person associated with such investment adviser. The Commission, as it deems necessary or appropriate in the public interest or for the protection of investors, shall adopt rules or regulations to require specific policies or procedures reasonably designed to prevent misuse in violation of this chapter or the Securities Exchange Act of 1934 (or the rules or regulations thereunder) of material, nonpublic information.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
The Securities Exchange Act of 1934, referred to in text, is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of this title. For complete classification of this Act to the Code, see section 78a of this title and Tables.
Statutory Notes and Related Subsidiaries
Effective Date
Section not applicable to actions occurring before Nov. 19, 1988, see section 9 of Pub. L. 100–704 set out as an
Effective Date
of 1988 Amendment note under section 78o of this title.
Reference
Citations & Metadata
Citation
15 U.S.C. § 80b–4a
Title 15, Commerce and Trade
Last Updated
Apr 3, 2026
Release point: 119-73not60