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.
Customized queries of TRAC's data TRAC FBI Web Site TRAC DEA Web Site TRAC Immigration Web Site TRAC DHS Web Site TRAC IRS Web Site TRAC ATF Web Site TRAC Reports Web Site
Transactional Records Access Clearinghouse, Syracuse University
Copyright 2010
TRAC Web Site