(a) Representations of sponsorship by United States or agency thereofIt shall be unlawful for any person registered under section 80b–3 of this title 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 any officer thereof.
(b) Statement of registration under Securities Exchange Act of 1934 provisionsNo provision of subsection (a) shall be construed to prohibit a statement that a person is registered under this subchapter or under 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.
(c) Use of name “investment counsel” as descriptive of businessIt shall be unlawful for any person registered under section 80b–3 of this title to represent that he is an investment counsel or to use the name “investment counsel” as descriptive of his business unless (1) his or its principal business consists of acting as investment adviser, and (2) a substantial part of his or its business consists of rendering investment supervisory services.
(d) Use of indirect means to do prohibited actIt shall be unlawful for any person indirectly, or through or by any other person, to do any act or thing which it would be unlawful for such person to do directly under the provisions of this subchapter or any rule or regulation thereunder.
Structure US Code
CHAPTER 2D— INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II— INVESTMENT ADVISERS
§ 80b–3. Registration of investment advisers
§ 80b–3a. State and Federal responsibilities
§ 80b–4. Reports by investment advisers
§ 80b–4a. Prevention of misuse of nonpublic information
§ 80b–5. Investment advisory contracts
§ 80b–6. Prohibited transactions by investment advisers
§ 80b–7. Material misstatements
§ 80b–9. Enforcement of subchapter
§ 80b–10. Disclosure of information by Commission
§ 80b–11. Rules, regulations, and orders of Commission
§ 80b–13. Court review of orders
§ 80b–14. Jurisdiction of offenses and suits
§ 80b–15. Validity of contracts
§ 80b–18. Hiring and leasing authority of Commission
§ 80b–18a. State regulation of investment advisers
§ 80b–18b. Custody of client accounts
§ 80b–18c. Rule of construction relating to the Commodities Exchange Act