CITE
15 USC Sec. 80b-4 01/05/2009
EXPCITE
TITLE 15 - COMMERCE AND TRADE
CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II - INVESTMENT ADVISERS
HEAD
Sec. 80b-4. Reports by investment advisers
STATUTE
(a) In general
Every investment adviser who makes use of the mails or of any
means or instrumentality of interstate commerce in connection with
his or its business as an investment adviser (other than one
specifically exempted from registration pursuant to section 80b-
3(b) of this title), shall make and keep for prescribed periods
such records (as defined in section 78c(a)(37) of this title),
furnish such copies thereof, and make and disseminate such reports
as the Commission, by rule, may prescribe as necessary or
appropriate in the public interest or for the protection of
investors. All records (as so defined) of such investment advisers
are subject at any time, or from time to time, to such reasonable
periodic, special, or other examinations by representatives of the
Commission as the Commission deems necessary or appropriate in the
public interest or for the protection of investors.
(b) Filing depositories
The Commission may, by rule, require an investment adviser -
(1) to file with the Commission any fee, application, report,
or notice required to be filed by this subchapter or the rules
issued under this subchapter through any entity designated by the
Commission for that purpose; and
(2) to pay the reasonable costs associated with such filing and
the establishment and maintenance of the systems required by
subsection (c).
(c) Access to disciplinary and other information
(1) Maintenance of system to respond to inquiries
(A) In general
The Commission shall require the entity designated by the
Commission under subsection (b)(1) to establish and maintain a
toll-free telephone listing, or a readily accessible electronic
or other process, to receive and promptly respond to inquiries
regarding registration information (including disciplinary
actions, regulatory, judicial, and arbitration proceedings, and
other information required by law or rule to be reported)
involving investment advisers and persons associated with
investment advisers.
(B) Applicability
This subsection shall apply to any investment adviser (and
the persons associated with that adviser), whether the
investment adviser is registered with the Commission under
section 80b-3 of this title or regulated solely by a State, as
described in section 80b-3a of this title.
(2) Recovery of costs
An entity designated by the Commission under subsection (b)(1)
may charge persons making inquiries, other than individual
investors, reasonable fees for responses to inquiries described
in paragraph (1).
(3) Limitation on liability
An entity designated by the Commission under subsection (b)(1)
shall not have any liability to any person for any actions taken
or omitted in good faith under this subsection.
SOURCE
(Aug. 22, 1940, ch. 686, title II, Sec. 204, 54 Stat. 852; Pub. L.
86-750, Sec. 6, Sept. 13, 1960, 74 Stat. 886; Pub. L. 94-29, Sec.
29(5), June 4, 1975, 89 Stat. 169; Pub. L. 109-290, Sec. 7(a),
Sept. 29, 2006, 120 Stat. 1321.)
AMENDMENTS
2006 - Pub. L. 109-290 designated existing provisions as subsec.
(a), inserted heading, and added subsecs. (b) and (c).
1975 - Pub. L. 94-29 substituted "make and keep for prescribed
periods such records (as defined in section 78c(a)(37) of this
title), furnish such copies thereof, and make and disseminate such
reports as the Commission, by rule, may prescribe as necessary or
appropriate in the public interest or for the protection of
investors. All records (as so defined) of such investment advisers
are subject at any time, or from time to time, to such reasonable
periodic, special, or other examinations by representatives of the
Commission as the Commission deems necessary or appropriate in the
public interest or for the protection of investors" for "make,
keep, and preserve for such periods, such accounts, correspondence,
memorandums, papers, books, and other records, and make such
reports, as the Commission by its rules and regulations may
prescribe as necessary or appropriate in the public interest or for
the protection of investors. Such accounts, correspondence,
memorandums, papers, books, and other records shall be subject at
any time or from time to time to such reasonable periodic, special,
or other examinations by examiners or other representatives of the
Commission as the Commission may deem necessary or appropriate in
the public interest or for the protection of investors".
1960 - Pub. L. 86-750 substituted provisions requiring investment
advisers who make business use of the mails or any instrument of
interstate commerce, unless exempted from registration by section
80b-3(b) of this title, to keep and preserve accounts,
correspondence, memorandums, papers, books, and records, and make
such reports as the Commission requires by its rules and
regulations, and that these accounts, correspondence, memorandums,
papers, books and records shall be subject to examination by
representatives of the Commission, for provisions requiring
investment advisers registered under section 80b-3 of this title to
file annual and special reports in such form as the Commission
prescribed by its rules and regulations to keep current the
information contained in the registration application.
EFFECTIVE DATE OF 1975 AMENDMENT
Amendment by Pub. L. 94-29 effective June 4, 1975, see section
31(a) of Pub. L. 94-29, set out as a note under section 78b of this
title.
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.