CITE

    15 USC Sec. 80b-4a                                          01/05/2009

EXPCITE

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

HEAD

    Sec. 80b-4a. Prevention of misuse of nonpublic information

STATUTE

      Every investment adviser subject to section 80b-4 of this title
    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
    [15 U.S.C. 78a 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.

SOURCE

    (Aug. 22, 1940, ch. 686, title II, Sec. 204A, as added Pub. L. 100-
    704, Sec. 3(b)(2), Nov. 19, 1988, 102 Stat. 4680.)

REFERENCES IN TEXT

      The Securities Exchange Act of 1934, referred to in text, is act
    June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is
    classified generally to chapter 2B (Sec. 78a et seq.) of this
    title. For complete classification of this Act to the Code, see
    section 78a of this title and Tables.

EFFECTIVE DATE

      Section not applicable to actions occurring before Nov. 19, 1988,
    see section 9 of Pub. L. 100-704 set out as an Effective Date of
    1988 Amendment note under section 78o of this title.
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