Section text and notes
section 80b–4 of this title15 U.S.C. 78aEvery investment adviser subject to 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 [ 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.
Aug. 22, 1940, ch. 686 Pub. L. 100–704, § 3(b)(2)102 Stat. 4680 (, title II, § 204A, as added , , .)
Editorial Notes
References in Text
act June 6, 1934, ch. 404 48 Stat. 881 section 78a of this titleThe Securities Exchange Act of 1934, referred to in text, is , , which is classified principally to chapter 2B (§ 78a et seq.) of this title. For complete classification of this Act to the Code, see and Tables.
Statutory Notes and Related Subsidiaries
Effective Date
section 9 of Pub. L. 100–704oSection not applicable to actions occurring before , see set out as an Effective Date of 1988 Amendment note under section 78 of this title.