Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b-3&num=0&edition=prelim
Timestamp: 2020-01-27 08:48:09
Document Index: 708289006

Matched Legal Cases: ['§ 80', '§203', '§2', '§24', '§29', '§202', '§102', '§702', '§401', '§205', '§5', '§303', '§508', '§301', '§1', '§209', '§604', '§4', '§403', '§925', '§74001', '§2', '§661', '§1', '§77', '§78', '§2', '§74001', '§403', '§929', '§604', '§303', '§205', '§702', '§102', '§29', '§24', '§2']

[USC02] 15 USC 80b-3: Registration of investment advisers
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15 USC 80b-3: Registration of investment advisers Text contains those laws in effect on January 26, 2020
(6)(A) any investment adviser that is registered with the Commodity Futures Trading Commission as a commodity trading advisor whose business does not consist primarily of acting as an investment adviser, as defined in section 80b–2(a)(11) of this title, and that does not act as an investment adviser to-
(7) any investment adviser, other than any entity that has elected to be regulated or is regulated as a business development company pursuant to section 80a–53 of this title, who solely advises-
(8) any investment adviser, other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 80a–53 of this title, who solely advises-
(B) companies that have submitted to the Secretary of Agriculture an application in accordance with section 2009cc–3(b) of title 7 that-
(2) Within forty-five days of the date of the filing of such application (or within such longer period as to which the applicant consents) the Commission shall-
The Commission, by order, shall censure, place limitations on the activities, functions, or operations of, suspend for a period not exceeding twelve months, or revoke the registration of any investment adviser if it finds, on the record after notice and opportunity for hearing, that such censure, placing of limitations, suspension, or revocation is in the public interest and that such investment adviser, or any person associated with such investment adviser, whether prior to or subsequent to becoming so associated-
(2) has been convicted within ten years preceding the filing of any application for registration or at any time thereafter of any felony or misdemeanor or of a substantially equivalent crime by a foreign court of competent jurisdiction which the Commission finds-
(3) has been convicted during the 10-year period preceding the date of filing of any application for registration, or at any time thereafter, of-
(6) has willfully aided, abetted, counseled, commanded, induced, or procured the violation by any other person of any provision of the Securities Act of 1933 [15 U.S.C. 77a et seq.], the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], subchapter I of this chapter, this subchapter, the Commodity Exchange Act [7 U.S.C. 1 et seq.], the rules or regulations under any of such statutes, or the rules of the Municipal Securities Rulemaking Board, or has failed reasonably to supervise, with a view to preventing violations of the provisions of such statutes, rules and regulations, another person who commits such a violation, if such other person is subject to his supervision. For the purposes of this paragraph no person shall be deemed to have failed reasonably to supervise any person, if-
(8) has been found by a foreign financial regulatory authority to have-
(9) is subject to any final order of a State securities commission (or any agency or officer performing like functions), State authority that supervises or examines banks, savings associations, or credit unions, State insurance commission (or any agency or office performing like functions), an appropriate Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813(q))), or the National Credit Union Administration, that-
In any proceeding instituted pursuant to subsection (e) or (f) against any person, the Commission may impose a civil penalty if it finds, on the record after notice and opportunity for hearing, that such penalty is in the public interest and that such person-
In any proceeding instituted pursuant to subsection (k) against any person, the Commission may impose a civil penalty if the Commission finds, on the record, after notice and opportunity for hearing, that such person-
(Aug. 22, 1940, ch. 686, title II, §203, 54 Stat. 850 ; Pub. L. 86–750, §§2–5, Sept. 13, 1960, 74 Stat. 885 , 886; Pub. L. 91–547, §24, Dec. 14, 1970, 84 Stat. 1430 ; Pub. L. 94–29, §29(1)–(4), June 4, 1975, 89 Stat. 166–169 ; Pub. L. 96–477, title II, §202, Oct. 21, 1980, 94 Stat. 2290 ; Pub. L. 99–571, title I, §102(m), Oct. 28, 1986, 100 Stat. 3220 ; Pub. L. 100–181, title VII, §702, Dec. 4, 1987, 101 Stat. 1263 ; Pub. L. 101–429, title IV, §401, Oct. 15, 1990, 104 Stat. 946 ; Pub. L. 101–550, title II, §205(b), (c), Nov. 15, 1990, 104 Stat. 2719 , 2720; Pub. L. 104–62, §5, Dec. 8, 1995, 109 Stat. 685 ; Pub. L. 104–290, title III, §§303(b), (d), 305, title V, §508(d), Oct. 11, 1996, 110 Stat. 3438 , 3439, 3448; Pub. L. 105–353, title III, §301(d)(1), Nov. 3, 1998, 112 Stat. 3237 ; Pub. L. 106–554, §1(a)(5) [title II, §209(b)], Dec. 21, 2000, 114 Stat. 2763 , 2763A-436; Pub. L. 107–204, title VI, §604(b), (c)(2), July 30, 2002, 116 Stat. 796 ; Pub. L. 109–291, §4(b)(3)(C), Sept. 29, 2006, 120 Stat. 1337 ; Pub. L. 111–203, title IV, §§403, 407, 408, title IX, §§925(b), 929P(a)(4), 985(e)(1), July 21, 2010, 124 Stat. 1571 , 1574, 1575, 1851, 1864, 1935; Pub. L. 114–94, div. G, title LXXIV, §§74001, 74002, Dec. 4, 2015, 129 Stat. 1786 ; Pub. L. 115–417, §2, Jan. 3, 2019, 132 Stat. 5438 .)
The Small Business Investment Act of 1958, referred to in subsec. (b)(7), is Pub. L. 85–699, Aug. 21, 1958, 72 Stat. 689 , which is classified principally to chapter 14B (§661 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 661 of this title and Tables.
The Commodity Exchange Act, referred to in subsec. (e)(2)(B), (4)–(6), is act Sept. 21, 1922, ch. 369, 42 Stat. 998 , which is classified generally to chapter 1 (§1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.
The Securities Act of 1933, referred to in subsecs. (e)(5), (6) and (i)(1)(A)(i), is act May 27, 1933, ch. 38, title I, 48 Stat. 74 , which is classified generally to subchapter I (§77a et seq.) of chapter 2A of this title. For complete classification of this Act to the Code, see section 77a of this title and Tables.
The Securities Exchange Act of 1934, referred to in subsecs. (e)(5), (6) and (i)(1)(A)(i), is act June 6, 1934, ch. 404, 48 Stat. 881 , which is classified principally to chapter 2B (§78a et seq.) of this title. For complete classification of this Act to the Code, see section 78a of this title and Tables.
2019-Subsec. (b)(6)(B). Pub. L. 115–417, §2(1)(A), realigned margin and substituted semicolon for period at end.
2015-Subsec. (l). Pub. L. 114–94, §74001, designated existing provisions as par. (1), inserted heading, and added par. (2).
2010-Subsec. (b)(1). Pub. L. 111–203, §403(1), inserted ", other than an investment adviser who acts as an investment adviser to any private fund," after "any investment adviser".
Subsec. (i)(1). Pub. L. 111–203, §929P(a)(4), designated existing provisions as subpar. (A) and inserted heading, inserted "that such penalty is in the public interest and" before "that such person-" in introductory provisions, redesignated former subpars. (A) to (D) as cls. (i) to (iv), respectively, and realigned margins, struck out concluding provisions which read "and that such penalty is in the public interest.", and added subpar. (B).
2006-Subsec. (e)(2)(B), (4). Pub. L. 109–291 inserted "credit rating agency," after "transfer agent,".
2002-Subsec. (e)(7). Pub. L. 107–204, §604(b)(1), added par. (7) and struck out former par. (7) which read as follows: "is subject to an order of the Commission entered pursuant to subsection (f) of this section barring or suspending the right of such person to be associated with an investment adviser which order is in effect with respect to such person."
2000-Subsec. (b)(6). Pub. L. 106–554 added par. (6).
1998-Subsec. (e)(8)(B). Pub. L. 105–353 inserted "or" after semicolon at end.
1996-Subsec. (a). Pub. L. 104–290, §303(d), which directed substitution of "subsection (b) and section 80b–3a of this title" for "subsection (b) of this section", was executed by making the substitution for "subsection (b)" to reflect the probable intent of Congress.
1995-Subsec. (b)(4). Pub. L. 104–62 added par. (4).
1990-Subsec. (e)(2). Pub. L. 101–550, §205(b)(1), inserted "or of a substantially equivalent crime by a foreign court of competent jurisdiction" after "misdemeanor".
1987-Subsec. (e)(2)(B). Pub. L. 100–181, §702(1), inserted "transfer agent," after "fiduciary,".
1986-Subsec. (e)(2)(B). Pub. L. 99–571, §102(m)(1), substituted "government securities broker, government securities dealer, fiduciary, or entity or person required to be registered under the Commodity Exchange Act" for "or fiduciary".
1980-Subsec. (b)(3). Pub. L. 96–477 required investment advisers to business development companies to register under this section and provided that for purposes of determining the number of clients of an investment adviser under par. (3), no shareholders, partners, or beneficial owners of business development companies were to be deemed to be clients of an investment adviser unless such person qualified as a client apart from his status in connection with the business development company.
1975-Subsec. (c). Pub. L. 94–29, §29(1), inserted provision authorizing the Commission to require a balance sheet certified by an independent public accountant and other financial statements which, as the Commission specifies, may be certified, and substituted provisions directing the Commission either to grant the registration within forty-five days or institute proceedings to determine whether registration should be denied, directing the Commission to grant registration if it finds that the requirements of this section are satisfied, and requiring the Commission to deny registration if it does not make such a finding or finds that if the applicant were registered its registration would be subject to suspension or revocation for provisions directing that registration be effective thirty days after receipt of the application by the Commission except as otherwise provided and making allowances for amendment of the application.
1970-Subsec. (b). Pub. L. 91–547, §24(a), struck out "investment companies and" before "insurance companies" in par. (2) and struck out "does not hold" after "clients and who" and inserted "neither hold" and "nor acts as an investment adviser to any investment company registered under subchapter I of this chapter" in par. (3).
1960-Subsec. (c)(1)(F). Pub. L. 86–750, §2, substituted "or any person performing similar functions, or any person directly or indirectly controlling or controlled by such investment adviser, is subject to any disqualification which would be a basis for denial, suspension, or revocation of registration of such investment adviser under the provisions of subsection (d)" for "person performing similar function or controlling person thereof (i) within ten years of the filing of such application has been convicted of any felony or misdemeanor of the character described in paragraph (1) of subsection (d) of this section, or (ii) is permanently or temporarily enjoined by an order, judgment or decree of the character described in paragraph (2) of said subsection (d) and in each case the facts relating to such conviction or injunction".