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 effect nor the fact that a stop order is not in effect with respect thereto shall be deemed a finding by the Commission that the registration state- ment is true and accurate on its face or that it does not contain an untrue statement of fact or omit to state a material fact, or be held to mean that the Commission has in any way passed upon the merits of, or given approval to, such security. It shall be unlawful to make, or cause to be made to any prospective purchaser any representation contrary to the foregoing provi- sions of this section. (May 27, 1933, ch. 38, title I, § 23, 48 Stat. 87.) 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. § 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 will- fully, 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. (May 27, 1933, ch. 38, title I, § 24, 48 Stat. 87; Pub. L. 94–29, § 27(a), June 4, 1975, 89 Stat. 163.) Editorial Notes AMENDMENTS 1975—Pub. L. 94–29 substituted ‘‘$10,000’’ for ‘‘$5,000’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1975 AMENDMENT Amendment by Pub. L. 94–29 effective June 4, 1975, see section 31(a) of Pub. L. 94–29, set out as a note under section 78b of this title. 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. § 77y. Jurisdiction of other Government agencies over securities Nothing in this subchapter shall relieve any person from submitting to the respective super- visory units of the Government of the United States information, reports, or other documents that may be required by any provision of law. (May 27, 1933, ch. 38, title I, § 25, 48 Stat. 87.) § 77z. Separability If any provision of this chapter, or the applica- tion of such provision to any person or cir- cumstance, shall be held invalid, the remainder of this chapter, or the application of such provi- sion to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby. (May 27, 1933, ch. 38, title I, § 26, 48 Stat. 88.) § 77z–1. Private securities litigation (a) Private class actions (1) In general The provisions of this subsection shall apply to each private action arising under this sub- chapter that is brought as a plaintiff class ac- tion pursuant to the Federal Rules of Civil Procedure. (2) Certification filed with complaint (A) In general Each plaintiff seeking to serve as a rep- resentative party on behalf of a class shall provide a sworn certification, which shall be personally signed by such plaintiff and filed with the complaint, that— (i) states that the plaintiff has reviewed the complaint and authorized its filing;