15 U.S.C. ch. 2D subch. II — Investment Advisers (Investment Advisers Act of 1940, §§ 80b-1 et seq.)

Material misstatements

— Material misstatements It shall be unlawful for any person willfully to make any untrue statement of a material fact in any registration application or…

Penalties

— Penalties Any person who willfully violates any provision of this subchapter, or any rule, regulation, or order promulgated by the Commission under authority…

Prohibited transactions by investment advisers

— Prohibited transactions by investment advisers It shall be unlawful for any investment adviser by use of the mails or any means or instrumentality of…

Rule of construction relating to the Commodities Exchange Act

— Rule of construction relating to the Commodities Exchange Act Nothing in this subchapter shall relieve any person of any obligation or duty, or affect the…

Rules, regulations, and orders of Commission

— Rules, regulations, and orders of Commission (a) Power of Commission The Commission shall have authority from time to time to make, issue, amend, and rescind…

Disclosure of information by Commission

— Disclosure of information by Commission (a) Information available to public The information contained in any registration application or report or amendment…

Consultation

— Consultation (a) Examination results and other information (1) The appropriate Federal banking agency shall provide the Commission upon request the results…

Prevention of misuse of nonpublic information

— Prevention of misuse of nonpublic information Every investment adviser subject to section 80b–4 of this title shall establish, maintain, and enforce written…

Court review of orders

— Court review of orders (a) Petition; jurisdiction; findings of Commission; additional evidence; finality Any person or party aggrieved by an order issued by…

Jurisdiction of offenses and suits

— Jurisdiction of offenses and suits (a) In general The district courts of the United States and the United States courts of any Territory or other place…

Short title

— Short title This subchapter may be cited as the “Investment Advisers Act of 1940”.

Validity of contracts

— Validity of contracts (a) Waiver of compliance as void Any condition, stipulation, or provision binding any person to waive compliance with any provision of…

Separability

— Separability If any provision of this subchapter or the application of such provision to any person or circumstances shall be held invalid, the remainder of…

Effective date

— Effective date This subchapter shall become effective on November 1, 1940 .

Investment advisory contracts

— Investment advisory contracts (a) Compensation, assignment, and partnership-membership provisions No investment adviser registered or required to be…

General prohibitions

— General prohibitions (a) Representations of sponsorship by United States or agency thereof It shall be unlawful for any person registered under section 80b–3…

State and Federal responsibilities

— State and Federal responsibilities (a) Advisers subject to State authorities (1) In general No investment adviser that is regulated or required to be…

Definitions

— Definitions (a) In general When used in this subchapter, unless the context otherwise requires, the following definitions shall apply: (1) “Assignment”…

Hearings

— Hearings Hearings may be public and may be held before the Commission, any member or members thereof, or any officer or officers of the Commission designated…

Hiring and leasing authority of Commission

— Hiring and leasing authority of Commission The provisions of section 78d(b) of this title shall be applicable with respect to the power of the Commission—…

Findings

— 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…

Custody of client accounts

— Custody of client accounts An investment adviser registered under this subchapter shall take such steps to safeguard client assets over which such adviser…

Registration of investment advisers

— Registration of investment advisers (a) Necessity of registration Except as provided in subsection (b) and section 80b–3a of this title , it shall be…

Reports by investment advisers

— Reports by investment advisers (a) In general Every investment adviser who makes use of the mails or of any means or instrumentality of interstate commerce…

State regulation of investment advisers

— State regulation of investment advisers (a) Jurisdiction of State regulators Nothing in this subchapter shall affect the jurisdiction of the securities…

Exemptions

— Exemptions The Commission, by rules and regulations, upon its own motion, or by order upon application, may conditionally or unconditionally exempt any…

Enforcement of subchapter

— Enforcement of subchapter (a) Investigation Whenever it shall appear to the Commission, either upon complaint or otherwise, that the provisions of this…

Investment advisory contracts

— Investment advisory contracts (11) of this title ), provided that the contract relates to the investment of assets in excess of $1 million, if the contract…

Reports by investment advisers

— Reports by investment advisers (2) Treatment of records The records and reports of any private fund to which an investment adviser registered under this…

Disclosure of information by Commission

— Disclosure of information by Commission (2) in the case of a resolution or request from either House of Congress. (c) Disclosure by investment adviser of…

Court review of orders

— Court review of orders of the court that such additional evidence is material and that there were reasonable grounds for failure to adduce such evidence in…

Consultation

— Consultation (2). Nothing in this paragraph shall authorize the Commission or such agencies to withhold information from Congress, or prevent the Commission…

State and Federal responsibilities

— State and Federal responsibilities (2) Treatment of mid-sized investment advisers (A) In general No investment adviser described in subparagraph (B) shall…

Enforcement of subchapter

— Enforcement of subchapter papers, correspondence, memoranda, contracts, agreements, and other records. And such court may issue an order requiring such…

Definitions

— Definitions (4) of title 12 , or trust company, whether incorporated or not, doing business under the laws of any State or of the United States, a…

State regulation of investment advisers

— State regulation of investment advisers (2) is in compliance with the applicable net capital or bonding requirements of the State in which it maintains its…

Rules, regulations, and orders of Commission

— Rules, regulations, and orders of Commission (2) of section 80b–6 of this title to include an investor in a private fund managed by an investment adviser, if…

Jurisdiction of offenses and suits

— Jurisdiction of offenses and suits (3)(A)(ii) of the Federal Rules of Civil Procedure shall not apply to a subpoena issued under the preceding sentence…

Registration of investment advisers

— Registration of investment advisers (10)(B) of this title , or the trustees, administrators, settlors (or potential settlors), or beneficiaries of any such…

Reports by investment advisers

— Reports by investment advisers (5) Filing of records The Commission shall issue rules requiring each investment adviser to a private fund to file reports…

Investment advisory contracts

— Investment advisory contracts (2) of subsection (b), the point from which increases and decreases in compensation are measured shall be the fee which is paid…

Enforcement of subchapter

— Enforcement of subchapter court of the United States, or the proper United States court of any Territory or other place subject to the jurisdiction of the…

Registration of investment advisers

— Registration of investment advisers (7) any investment adviser, other than any entity that has elected to be regulated or is regulated as a business…

Definitions

— Definitions (7) The term “dealer” has the same meaning as given in section 3 of the Securities Exchange Act of 1934 [ 15 U.S.C. 78c ], but does not include…

State and Federal responsibilities

— State and Federal responsibilities (3) “Assets under management” defined For purposes of this subsection, the term “assets under management” means the…

Rules, regulations, and orders of Commission

— Rules, regulations, and orders of Commission omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason…

State and Federal responsibilities

— State and Federal responsibilities (2) Limitation Nothing in this subsection shall prohibit the securities commission (or any agency or office performing…

Enforcement of subchapter

— Enforcement of subchapter (2) Amount of penalty (A) First tier The amount of the penalty shall be determined by the court in light of the facts and…

Registration of investment advisers

— Registration of investment advisers (1) An investment adviser, or any person who presently contemplates becoming an investment adviser, may be registered by…

Definitions

— Definitions (11) “Investment adviser” means any person who, for compensation, engages in the business of advising others, either directly or through…

Rules, regulations, and orders of Commission

— Rules, regulations, and orders of Commission (2) of this title when providing personalized investment advice about securities, except the Commission shall…

Investment advisory contracts

— Investment advisory contracts (1), on the basis of such factors as financial sophistication, net worth, knowledge of and experience in financial matters…

Reports by investment advisers

— Reports by investment advisers (8). The Council shall be exempt from section 552 of title 5 with respect to any information in any report, document, record…

Rules, regulations, and orders of Commission

— Rules, regulations, and orders of Commission (2) the enforcement authority of the Commission with respect to violations of the standard of conduct applicable…

Enforcement of subchapter

— Enforcement of subchapter (3) Procedures for collection (A) Payment of penalty to Treasury A penalty imposed under this section shall be payable into the…

Reports by investment advisers

— Reports by investment advisers (10) Public information exception (A) In general The Commission, the Council, and any other department, agency, or…

Registration of investment advisers

— Registration of investment advisers person associated with such investment adviser, is subject to any disqualification which would be a basis for denial…

Definitions

— Definitions issued or guaranteed by corporations in which the United States has a direct or indirect interest which shall have been designated by the…

Registration of investment advisers

— Registration of investment advisers (2) Within forty-five days of the date of the filing of such application (or within such longer period as to which the…

Definitions

— Definitions (15) “National securities exchange” means an exchange registered under section 6 of the Securities Exchange Act of 1934 [ 15 U.S.C. 78f ]. (16)…

Enforcement of subchapter

— Enforcement of subchapter (4) Special provisions relating to violation of cease-and-desist order In an action to enforce a cease-and-desist order entered by…

Reports by investment advisers

— Reports by investment advisers (2) to pay the reasonable costs associated with such filing and the establishment and maintenance of the systems required by…

Definitions

— Definitions (18) “Security” means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or…

Registration of investment advisers

— Registration of investment advisers course of business by any investment adviser registered pursuant to this section or any person acting on behalf of such…

Definitions

— Definitions (20) “Underwriter” means any person who has purchased from an issuer with a view to, or sells for an issuer in connection with, the distribution…

Registration of investment advisers

— Registration of investment advisers (2); or (B) a substantially equivalent crime by a foreign court of competent jurisdiction. (4) is permanently or…

Definitions

— Definitions (24) “Foreign financial regulatory authority” means any (A) foreign securities authority, (B) other governmental body or foreign equivalent of a…

Registration of investment advisers

— Registration of investment advisers (8) has been found by a foreign financial regulatory authority to have— (A) made or caused to be made in any application…

Definitions

— Definitions (30) The term “foreign private adviser” means any investment adviser who— (A) has no place of business in the United States; (B) has, in total…

Registration of investment advisers

— Registration of investment advisers (9) of subsection (e) or has been convicted of any offense specified in paragraph (2) or (3) of subsection (e) within ten…

Definitions

— Definitions (29) 3 The terms “commodity pool”, “commodity pool operator”, “commodity trading advisor”, “major swap participant”, “swap”, “swap dealer”, and…

Registration of investment advisers

— Registration of investment advisers (4) of subsection (e). It shall be unlawful for any person as to whom such an order suspending or barring him from being…