# 15 U.S.C. ch. 2D subch. II — Investment Advisers (Investment Advisers Act of 1940, §§ 80b-1 et seq.) URL: https://consilena.com/coverage/laws/ksrc_8smj7sx1h255zvf9 - Jurisdiction: United States - Type: Statute - Identifier: /us/usc/t15/ch2D/schII - Current as of: 22 August 1940 - Provisions: 27 - Official text: https://uscode.house.gov/view.xhtml?path=/prelim@title15/chapter2D/subchapter2&edition=prelim > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–7. — Material misstatements"] - **Material misstatements"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–17. — Penalties"] - **Penalties"] Penalties**: — Penalties Any person who willfully violates any provision of this subchapter, or any rule, regulation, or order promulgated by the Commission under authority… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–6. — Prohibited transactions by investment advisers"] - **Prohibited transactions by investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–18c. — Rule of construction relating to the Commodities Exchange Act"] - **Rule of construction relating to the Commodities Exchange Act"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–11. — Rules, regulations, and orders of Commission"] - **Rules, regulations, and orders of Commission"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–10. — Disclosure of information by Commission"] - **Disclosure of information by Commission"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–10a. — Consultation"] - **Consultation"] Consultation**: — Consultation (a) Examination results and other information (1) The appropriate Federal banking agency shall provide the Commission upon request the results… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–4a. — Prevention of misuse of nonpublic information"] - **Prevention of misuse of nonpublic information"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–13. — Court review of orders"] - **Court review of orders"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–14. — Jurisdiction of offenses and suits"] - **Jurisdiction of offenses and suits"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–20. — Short title"] - **Short title"] Short title**: — Short title This subchapter may be cited as the “Investment Advisers Act of 1940”. ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–15. — Validity of contracts"] - **Validity of contracts"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–19. — Separability"] - **Separability"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–21. — Effective date"] - **Effective date"] Effective date**: — Effective date This subchapter shall become effective on November 1, 1940 . ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–5. — Investment advisory contracts"] - **Investment advisory contracts"] Investment advisory contracts**: — Investment advisory contracts (a) Compensation, assignment, and partnership-membership provisions No investment adviser registered or required to be… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–8. — General prohibitions"] - **General prohibitions"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3a. — State and Federal responsibilities"] - **State and Federal responsibilities"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] Definitions**: — Definitions (a) In general When used in this subchapter, unless the context otherwise requires, the following definitions shall apply: (1) “Assignment”… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–12. — Hearings"] - **Hearings"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–18. — Hiring and leasing authority of Commission"] - **Hiring and leasing authority of Commission"] 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—… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–1. — Findings"] - **Findings"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–18b. — Custody of client accounts"] - **Custody of client accounts"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–4. — Reports by investment advisers"] - **Reports by investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–18a. — State regulation of investment advisers"] - **State regulation of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–6a. — Exemptions"] - **Exemptions"] Exemptions**: — Exemptions The Commission, by rules and regulations, upon its own motion, or by order upon application, may conditionally or unconditionally exempt any… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–9. — Enforcement of subchapter"] - **Enforcement of subchapter"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–5. — Investment advisory contracts"] - **Investment advisory contracts"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–4. — Reports by investment advisers"] - **Reports by investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–10. — Disclosure of information by Commission"] - **Disclosure of information by Commission"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–13. — Court review of orders"] - **Court review of orders"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–10a. — Consultation"] - **Consultation"] Consultation**: — Consultation (2). Nothing in this paragraph shall authorize the Commission or such agencies to withhold information from Congress, or prevent the Commission… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3a. — State and Federal responsibilities"] - **State and Federal responsibilities"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–9. — Enforcement of subchapter"] - **Enforcement of subchapter"] Enforcement of subchapter**: — Enforcement of subchapter papers, correspondence, memoranda, contracts, agreements, and other records. And such court may issue an order requiring such… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–18a. — State regulation of investment advisers"] - **State regulation of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–11. — Rules, regulations, and orders of Commission"] - **Rules, regulations, and orders of Commission"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–14. — Jurisdiction of offenses and suits"] - **Jurisdiction of offenses and suits"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–4. — Reports by investment advisers"] - **Reports by investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–5. — Investment advisory contracts"] - **Investment advisory contracts"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–9. — Enforcement of subchapter"] - **Enforcement of subchapter"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3a. — State and Federal responsibilities"] - **State and Federal responsibilities"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–11. — Rules, regulations, and orders of Commission"] - **Rules, regulations, and orders of Commission"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3a. — State and Federal responsibilities"] - **State and Federal responsibilities"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–9. — Enforcement of subchapter"] - **Enforcement of subchapter"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] Definitions**: — Definitions (11) “Investment adviser” means any person who, for compensation, engages in the business of advising others, either directly or through… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–11. — Rules, regulations, and orders of Commission"] - **Rules, regulations, and orders of Commission"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–5. — Investment advisory contracts"] - **Investment advisory contracts"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–4. — Reports by investment advisers"] - **Reports by investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–11. — Rules, regulations, and orders of Commission"] - **Rules, regulations, and orders of Commission"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–9. — Enforcement of subchapter"] - **Enforcement of subchapter"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–4. — Reports by investment advisers"] - **Reports by investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] 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)… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–9. — Enforcement of subchapter"] - **Enforcement of subchapter"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–4. — Reports by investment advisers"] - **Reports by investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] Definitions**: — Definitions (18) “Security” means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] Definitions**: — Definitions (24) “Foreign financial regulatory authority” means any (A) foreign securities authority, (B) other governmental body or foreign equivalent of a… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–2. — Definitions"] - **Definitions"] Definitions**: — Definitions (29) 3 The terms “commodity pool”, “commodity pool operator”, “commodity trading advisor”, “major swap participant”, “swap”, “swap dealer”, and… ### ["Title 15 — COMMERCE AND TRADE", "CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS", "SUBCHAPTER II — INVESTMENT ADVISERS", "§ 80b–3. — Registration of investment advisers"] - **Registration of investment advisers"] 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… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. Page: https://consilena.com/coverage/laws/ksrc_8smj7sx1h255zvf9. Index of every page: https://consilena.com/llms.txt.