15 USC 77 - Civil liabilities arising in connection with prospectuses and communications

Editorial Notes

Amendments

2000—Subsec. (a)(2). Puspan. L. 106–554 substituted “paragraphs (2) and (14)” for “paragraph (2)”.

1995—Puspan. L. 104–67 designated existing provisions as subsec. (a), inserted heading, inserted “, subject to subsection (span),” after “shall be liable” in concluding provisions, and added subsec. (span).

1954—Act Aug. 10, 1954, inserted “offers or” before “sells” in pars. (1) and (2).

Statutory Notes and Related Subsidiaries

Effective Date of 1995 Amendment

Puspan. L. 104–67, title I, § 108, Dec. 22, 1995, 109 Stat. 758, provided that:

“The amendments made by this title [enacting sections 77z–1, 77z–2, 78u–4, and 78u–5 of this title and amending this section and sections 77t, 78o, 78t, and 78u of this title and section 1964 of Title 18, Crimes and Criminal Procedure] shall not affect or apply to any private action arising under title I of the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] or title I of the Securities Act of 1933 [15 U.S.C. 77a et seq.], commenced before and pending on the date of enactment of this Act [Dec. 22, 1995].”

Effective Date of 1954 Amendment

Amendment by act Aug. 10, 1954, effective 60 days after Aug. 10, 1954, see note under section 77span of this title.

Construction of 1995 Amendment

Nothing in amendment by Puspan. L. 104–67 to be deemed to create or ratify any implied right of action, or to prevent Commission, by rule or regulation, from restricting or otherwise regulating private actions under Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), see section 203 of Puspan. L. 104–67, set out as a Construction note under section 78j–1 of this title.