US Code
SUBCHAPTER I— INVESTMENT COMPANIES
§ 80a–34. Unlawful representations and names

(a) Misrepresentation of guarantees(1) In generalIt shall be unlawful for any person, issuing or selling any security of which a registered investment company is the issuer, to represent or imply in any manner whatsoever that such security or company—(A) has been guaranteed, sponsored, recommended, or approved by the United States, or any agency, instrumentality or officer of the United States;
(B) has been insured by the Federal Deposit Insurance Corporation; or
(C) is guaranteed by or is otherwise an obligation of any bank or insured depository institution.
(2) DisclosuresAny person issuing or selling the securities of a registered investment company that is advised by, or sold through, a bank shall prominently disclose that an investment in the company is not insured by the Federal Deposit Insurance Corporation or any other government agency. The Commission may, after consultation with and taking into consideration the views of the Federal banking agencies (as defined in section 1813 of title 12), adopt rules and regulations, and issue orders, consistent with the protection of investors, prescribing the manner in which the disclosure under this paragraph shall be provided.
(3) DefinitionsThe terms “insured depository institution” and “appropriate Federal banking agency” have the same meanings as given in section 1813 of title 12.
(b) Unlawful representation of sponsorship by United States or agency thereofIt shall be unlawful for any person registered under any section of this subchapter, to represent or imply in any manner whatsoever that such person has been sponsored, recommended, or approved, or that his abilities or qualifications have in any respect been passed upon by the United States or any agency or officer thereof.
(c) Statement of registration under securities provisionsNo provision of subsection (a) or (b) shall be construed to prohibit a statement that a person or security is registered under this chapter, the Securities Act of 1933 [15 U.S.C. 77a et seq.], or the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], if such statement is true in fact and if the effect of such registration is not misrepresented.
(d) Deceptive or misleading namesIt shall be unlawful for any registered investment company to adopt as a part of the name or title of such company, or of any securities of which it is the issuer, any word or words that the Commission finds are materially deceptive or misleading. The Commission is authorized, by rule, regulation, or order, to define such names or titles as are materially deceptive or misleading.

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