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15 U.S.C. · Commerce and Trade
15 U.S.C. § 77o

Liability of controlling persons

Ch. 2A — SECURITIES AND TRUST INDENTURES
Title 15 U.S.C. ● ACTIVE Primary Source Ch. 2A
Statutory Text

15 U.S.C. § 77o — Liability of controlling persons

U.S.C. Title 15 - COMMERCE AND TRADE 15 U.S.C. United States Code, 2023 Edition Title 15 - COMMERCE AND TRADE CHAPTER 2A - SECURITIES AND TRUST INDENTURES SUBCHAPTER I - DOMESTIC SECURITIES Sec. 77o - Liability of controlling persons From the U.S. Government Publishing Office, www.gpo.gov

§77o. Liability of controlling persons

(a) Controlling persons Every person who, by or through stock ownership, agency, or otherwise, or who, pursuant to or in connection with an agreement or understanding with one or more other persons by or through stock ownership, agency, or otherwise, controls any person liable under sections 77k or 77l of this title, shall also be liable jointly and severally with and to the same extent as such controlled person to any person to whom such controlled person is liable, unless the controlling person had no knowledge of or reasonable ground to believe in the existence of the facts by reason of which the liability of the controlled person is alleged to exist. (b) Prosecution of persons who aid and abet violations For purposes of any action brought by the Commission under subparagraph (b) or (d) of section 77t of this title, any person that knowingly or recklessly provides substantial assistance to another person in violation of a provision of this subchapter, or of any rule or regulation issued under this subchapter, shall be deemed to be in violation of such provision to the same extent as the person to whom such assistance is provided.

(May 27, 1933, ch. 38, title I, §15, 48 Stat. 84; June 6, 1934, ch. 404, title II, §208, 48 Stat. 908; Pub. L. 111–203, title IX, §929M(a), July 21, 2010, 124 Stat. 1861.)

Editorial Notes

Amendments 2010—Pub. L. 111–203 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b). 1934—Act June 6, 1934, exempted from liability controlling persons having no knowledge or reasonable grounds for belief.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.

Source: uscode.house.gov — public domain Official Source ↗
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15 U.S.C. § 77o
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The statutory text of 15 U.S.C. § 77o is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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← 15 U.S.C. § 77n 15 U.S.C. § 77p →
Ch. 2A — SECURITIES AND TRUST INDENTURES
15 U.S.C. § 77a15 U.S.C. § 77b15 U.S.C. § 77b115 U.S.C. § 77c15 U.S.C. § 77d15 U.S.C. § 77d115 U.S.C. § 77e15 U.S.C. § 77f15 U.S.C. § 77g15 U.S.C. § 77h15 U.S.C. § 77h115 U.S.C. § 77i15 U.S.C. § 77j15 U.S.C. § 77k15 U.S.C. § 77l15 U.S.C. § 77m15 U.S.C. § 77n15 U.S.C. § 77o15 U.S.C. § 77p15 U.S.C. § 77q15 U.S.C. § 77r15 U.S.C. § 77r115 U.S.C. § 77s15 U.S.C. § 77t15 U.S.C. § 77u15 U.S.C. § 77v15 U.S.C. § 77w15 U.S.C. § 77x15 U.S.C. § 77y15 U.S.C. § 77z
15 U.S.C. — public domain ← All Legislation
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