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15 U.S.C. § 77o — Liability of controlling persons

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77o — Liability of controlling persons

**(a) Controlling persons** Every person who, by or through stock ownership, agency, or otherwise, or who, pursuant to or in connection with an agreement or understanding with one or more other persons by or through stock ownership, agency, or otherwise, controls any person liable under sections 77k or 77l of this title, shall also be liable jointly and severally with and to the same extent as such controlled person to any person to whom such controlled person is liable, unless the controlling person had no knowledge of or reasonable ground to believe in the existence of the facts by reason of which the liability of the controlled person is alleged to exist. **(b) Prosecution of persons who aid and abet violations** For purposes of any action brought by the Commission under subparagraph (b) or (d) of [section 77t of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77t&num=0&edition=prelim), any person that knowingly or recklessly provides substantial assistance to another person in violation of a provision of this subchapter, or of any rule or regulation issued under this subchapter, shall be deemed to be in violation of such provision to the same extent as the person to whom such assistance is provided.

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Source location: Title 15, Chapter 2A, § 77o; chapter-2a-securities-and-trust-indentures.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5301 — Regulations

**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter. **(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77t — Injunctions and prosecution of offenses

**(a) Investigation of violations** Whenever it shall appear to the Commission, either upon complaint or otherwise, that the provisions of this subchapter, or of any rule or regulation prescribed under authority thereof, have been or are about to be violated, it may, in its discretion, either require or permit such person to file with it a statement in writing, under oath, or otherwise, as to all the facts and circumstances concerning the subject matter which it believes to be in the public interest to investigate, and may investigate such facts. **(b) Action for injunction or criminal prosecution in district court** Whenever it shall appear to the Commission that any person is engaged or about to engage in any acts or practices which constitute or will constitute a violation of the provisions of this subchapter, or of any rule or regulation prescribed under authority thereof, the Commission may, in its discretion, bring an action in any district court of the United States, or United States court of any Territory, to enjoin such acts or practices, and upon a proper showing, a permanent or temporary injunction or restraining order shall be granted without bond. The Commission may transmit such evidence as may be available concerning such acts or practices to the Attorney General who may, in his discretion, institute the necessary criminal proceedings under this subchapter. Any such criminal proceeding may be brought either in the district wherein the transmittal of the prospectus or security complained of begins, or in the district wherein such prospectus or security is received. **(c) Writ of mandamus** Upon application of the Commission, the district courts of the United States and the United States courts of any Territory shall have jurisdiction to issue writs of ma

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77o — Liability of controlling persons

Page 152 TITLE 15—COMMERCE AND TRADE § 77o § 77o. Liability of controlling persons (a) Controlling persons Every person who, by or through stock owner- ship, agency, or otherwise, or who, pursuant to or in connection with an agreement or under- standing with one or more other persons by or through stock ownership, agency, or otherwise, controls any person liable under sections 77k or 77l of this title, shall also be liable jointly and severally with and to the same extent as such controlled person to any person to whom such controlled person is liable, unless the control- ling person had no knowledge of or reasonable ground to believe in the existence of the facts by reason of which the liability of the controlled person is alleged to exist. (b) Prosecution of persons who aid and abet vio- lations For purposes of any action brought by the Commission under subparagraph (b) or (d) of sec- tion 77t of this title, any person that knowingly or recklessly provides substantial assistance to another person in violation of a provision of this subchapter, or of any rule or regulation issued under this subchapter, shall be deemed to be in violation of such provision to the same extent as the person to whom such assistance is provided. (May 27, 1933, ch. 38, title I, § 15, 48 Stat. 84; June 6, 1934, ch. 404, title II, § 208, 48 Stat. 908; Pub. L. 111–203, title IX, § 929M(a), July 21, 2010, 124 Stat. 1861.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b). 1934—Act June 6, 1934, exempted from liability con- trolling persons having no knowledge or reasonable grounds for belief. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pu

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