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15 U.S.C. § 77x — Penalties

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

15 U.S.C. § 77x — Penalties

Any person who willfully violates any of the provisions of this subchapter, or the rules and regulations promulgated by the Commission under authority thereof, or any person who willfully, in a registration statement filed under this subchapter, makes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, shall upon conviction be fined not more than $10,000 or imprisoned not more than five years, or both.

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

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

15 U.S.C. § 78b — Necessity for regulation

For the reasons hereinafter enumerated, transactions in securities as commonly conducted upon securities exchanges and over-the-counter markets are effected with a national public interest which makes it necessary to provide for regulation and control of such transactions and of practices and matters related thereto, including transactions by officers, directors, and principal security holders, to require appropriate reports, to remove impediments to and perfect the mechanisms of a national market system for securities and a national system for the clearance and settlement of securities transactions and the safeguarding of securities and funds related thereto, and to impose requirements necessary to make such regulation and control reasonably complete and effective, in order to protect interstate commerce, the national credit, the Federal taxing power, to protect and make more effective the national banking system and Federal Reserve System, and to insure the maintenance of fair and honest markets in such transactions: (1) Such transactions (a) are carried on in large volume by the public generally and in large part originate outside the States in which the exchanges and over-the-counter markets are located and/or are effected by means of the mails and instrumentalities of interstate commerce; (b) constitute an important part of the current of interstate commerce; (c) involve in large part the securities of issuers engaged in interstate commerce; (d) involve the use of credit, directly affect the financing of trade, industry, and transportation in interstate commerce, and directly affect and influence the volume of interstate commerce; and affect the national credit. (2) The prices established and offered in such transactions are generally disseminated and quoted thro

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

15 U.S.C. § 78d — Securities and Exchange Commission

**(a) Establishment; composition; limitations on commissioners; terms of office** There is hereby established a Securities and Exchange Commission (hereinafter referred to as the “Commission”) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable. No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934. **(b) Appointment and compensation of staff and leasing authority** (1) **Appointment and compensation** — The Commission shall appoint and compensate offic

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

18 U.S.C. § 3301 — Securities fraud offenses

**(a) Definition.—** In this section, the term “securities fraud offense” means a violation of, or a conspiracy or an attempt to violate— (1) section 1348; (2) section 32(a) of the Securities Exchange Act of 1934 ([15 U.S.C. 78ff(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78ff/a&num=0&edition=prelim)); (3) section 24 of the Securities Act of 1933 ([15 U.S.C. 77x](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77x&num=0&edition=prelim)); (4) section 217 of the Investment Advisers Act of 1940 ([15 U.S.C. 80b–17](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b–17&num=0&edition=prelim)); (5) section 49 of the Investment Company Act of 1940 ([15 U.S.C. 80a–48](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–48&num=0&edition=prelim)); or (6) section 325 of the Trust Indenture Act of 1939 ([15 U.S.C. 77yyy](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77yyy&num=0&edition=prelim)). **(b) Limitation.—** No person shall be prosecuted, tried, or punished for a securities fraud offense, unless the indictment is found or the information is instituted within 6 years after the commission of the offense.

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

15 U.S.C. § 77x — Penalties

Page 165 TITLE 15—COMMERCE AND TRADE § 77z–1 Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. EFFECTIVE DATE OF 1998 AMENDMENT Amendment by Pub. L. 105–353 not to affect or apply to any action commenced before and pending on Nov. 3, 1998, see section 101(c) of Pub. L. 105–353, set out as a note under section 77p of this title. EFFECTIVE DATE OF 1970 AMENDMENT Amendment by Pub. L. 91–452 effective on sixtieth day following Oct. 15, 1970, see section 260 of Pub. L. 91–452, set out as an Effective Date; Savings Provision note under section 6001 of Title 18, Crimes and Criminal Procedure. EFFECTIVE DATE OF 1954 AMENDMENT Amendment by act Aug. 10, 1954, effective 60 days after Aug. 10, 1954, see note under section 77b of this title. SAVINGS PROVISION Amendment by Pub. L. 91–452 not to affect any immu- nity to which any individual is entitled under this sec- tion by reason of any testimony given before the six- tieth day following Oct. 15, 1970, see section 260 of Pub. L. 91–452, set out as an Effective Date; Savings Provi- sion note under section 6001 of Title 18, Crimes and Criminal Procedure. Executive Documents 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, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title. § 77w. Unlawful representations Neither the fact that the registration state- ment for a security has been filed or is in effec

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