15 USC Sec. 80b-1 01/05/2009
TITLE 15 - COMMERCE AND TRADE
CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II - INVESTMENT ADVISERS
Sec. 80b-1. Findings
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.
(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Section 79z-4 of this title, referred to in text, was repealed by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.
(!1) See References in Text note below.