15 U.S.C. § 78z

Unlawful representations

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No action or failure to act by the Commission or the Board of Governors of the Federal Reserve System, in the administration of this chapter shall be construed to mean that the particular authority has in any way passed upon the merits of, or given approval to, any security or any transaction or transactions therein, nor shall such action or failure to act with regard to any statement or report filed with or examined by such authority pursuant to this chapter or rules and regulations thereunder, be deemed a finding by such authority that such statement or report is true and accurate on its face or that it is not false or misleading. It shall be unlawful to make, or cause to be made, to any prospective purchaser or seller of a security any representation that any such action or failure to act by any such authority is to be so construed or has such effect.

Notes of Decisions

Cited in 7 cases, 1964–2000 · leading case: Graham v. Sec. & Exch. Comm'n, 222 F.3d 994 (D.C. Cir. 2000).

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Graham v. Sec. & Exch. Comm'n, 222 F.3d 994 (D.C. Cir. 2000). “15 U.S.C. § 78z ("No action or failure to act by the Commission .”

Investors Rsch. Corp. & James E. Stowers v. Sec. & Exch. Comm'n, Richard H. Driehaus v. Sec. & Exch. Comm'n, 628 F.2d 168 (D.C. Cir. 1980). “Here, in contrast, there is no evidence the Commission learned all the facts of the violation until its public proceedings; and, to the extent the Commission was previously apprised of some of the circumstances of the computer leasing arrangement, it acquired this information…”

Sec. & Exch. Comm'n v. Gulf & W. Indus., Inc., 502 F. Supp. 343 (D.D.C. 1980). “Section 26 of the Securities Exchange Act of 1934, 15 U.S.C. § 78z, makes the point clearly: [N]o action or failure to act by the Commission .”

Sec. & Exch. Comm'n v. Texas Int'l Co., 498 F. Supp. 1231 (N.D. Ill. 1980). “15 U.S.C. § 78z. Section 23 of the Securities Act of 1933 contains similar language involving registration statements filed with the SEC.”

United States v. Anzelmo, 319 F. Supp. 1106 (E.D. La. 1970). “The Securities Exchange Act provides: “No action or failure to act by the Commission * * * shall be construed to mean that the * * * authority has in any way passed upon the merits of, or given approval to, any security or any transaction or transactions therein, nor shall such…”

Union Pac. R.R. v. Chicago & North W. Ry. Co., 226 F. Supp. 400 (N.D. Ill. 1964). “Section 26 of the Secu *407 rities Exchange Act of 1934, 15 U.S.C. § 78z, provides: “No action or failure to act by the Commission * * * shall be construed to mean that the particular authority has in any way passed upon the merits of, or given approval to, any security or any…”

Reserve Life Ins. v. Provident Life Ins., 499 F.2d 715 (8th Cir. 1974). “See Section 26 of the 1934 Act, 15 U.S.C. § 78z; Capital Funds, Inc. v. SEC, 348 F.”

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