CITE

    15 USC Sec. 80b-1                                           01/05/2009

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
    SUBCHAPTER II - INVESTMENT ADVISERS

HEAD

    Sec. 80b-1. Findings

STATUTE

      Upon the basis of facts disclosed by the record and report of the
    Securities and Exchange Commission made pursuant to section 79z-4
    (!1) 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.

SOURCE

    (Aug. 22, 1940, ch. 686, title II, Sec. 201, 54 Stat. 847.)

REFERENCES IN TEXT

      Section 79z-4 of this title, referred to in text, was repealed by
    Pub. L. 109-58, title XII, Sec. 1263, Aug. 8, 2005, 119 Stat. 974.

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, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175,
    64 Stat. 1265, set out under section 78d of this title.

FOOTNOTE

    (!1) See References in Text note below.