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.
May 27, 1933, ch. 38 Aug. 3, 1939, ch. 411 53 Stat. 1176 Aug. 10, 1954, ch. 667 68 Stat. 688 (, title III, § 324, as added , ; amended , title III, § 305, .)
Editorial Notes
Amendments
1954—Act , substituted “offering, selling, or issuing” for “issuing or selling”.
Statutory Notes and Related Subsidiaries
Effective Date of 1954 Amendment
section 77b of this titleAmendment by act , effective 60 days after , see note under .
Executive Documents
Transfer of Functions
64 Stat. 1265 section 78d of this titleFor 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. , 15 F.R. 3175, , set out under .