CITE

    15 USC Sec. 80b-8                                           01/05/2009

EXPCITE

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

HEAD

    Sec. 80b-8. General prohibitions

STATUTE

    (a) Representations of sponsorship by United States or agency
      thereof
      It shall be unlawful for any person registered under section 80b-
    3 of this title to represent or imply in any manner whatsoever
    that such person has been sponsored, recommended, or approved, or
    that his abilities or qualifications have in any respect been
    passed upon by the United States or any agency or any officer
    thereof.
    (b) Statement of registration under Securities Exchange Act of 1934
      provisions
      No provision of subsection (a) of this section shall be construed
    to prohibit a statement that a person is registered under this
    subchapter or under the Securities Exchange Act of 1934 [15 U.S.C.
    78a et seq.], if such statement is true in fact and if the effect
    of such registration is not misrepresented.
    (c) Use of name "investment counsel" as descriptive of business
      It shall be unlawful for any person registered under section 80b-
    3 of this title to represent that he is an investment counsel or
    to use the name "investment counsel" as descriptive of his business
    unless (1) his or its principal business consists of acting as
    investment adviser, and (2) a substantial part of his or its
    business consists of rendering investment supervisory services.
    (d) Use of indirect means to do prohibited act
      It shall be unlawful for any person indirectly, or through or by
    any other person, to do any act or thing which it would be unlawful
    for such person to do directly under the provisions of this
    subchapter or any rule or regulation thereunder.

SOURCE

    (Aug. 22, 1940, ch. 686, title II, Sec. 208, 54 Stat. 853; Pub. L.
    86-750, Secs. 10, 11, Sept. 13, 1960, 74 Stat. 887.)

REFERENCES IN TEXT

      The Securities Exchange Act of 1934, referred to in subsec. (b),
    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.

AMENDMENTS

      1960 - Pub. L. 86-750, Sec. 10, substituted "General
    prohibitions" for "Unlawful representations" in section catchline.
      Subsec. (c). Pub. L. 86-750, Sec. 11(a), authorized
    representation as an investment counsel if person's principal
    business consisted of acting as investment adviser, and a
    substantial part of the business was rendering investment
    supervisory services, and struck out the requirements that the
    person be primarily engaged in rendering investment supervisory
    services, or that his registration application state that the
    person is, or is about to become engaged primarily in rendering
    investment advisory services.
      Subsec. (d). Pub. L. 86-750, Sec. 11(b), added subsec. (d).

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.