---
kind: "section"
citation: "15 U.S.C. § 80a–47"
title: "15"
title_heading: "Commerce and Trade"
number: "80a–47"
heading: "Liability of controlling persons; preventing compliance with subchapter"
release: "119-102"
url: "https://uscodex.org/usc/15/80a-47"
units:
  - "Chapter 2D — Investment Companies and Advisers"
  - "Subchapter I — Investment Companies"
---

# §80a–47. Liability of controlling persons; preventing compliance with subchapter

- (a) **Procurement—** It shall be unlawful for any [person](/usc/15/80a–2.md?p=a-28), directly or indirectly, to cause to be done any act or thing through or by means of any other [person](/usc/15/80a–2.md?p=a-28) which it would be unlawful for such [person](/usc/15/80a–2.md?p=a-28) to do under the provisions of this subchapter or any rule, regulation, or [order](/usc/15/8702.md?p=14) thereunder.
- (b) **Substantially assisting a violation—** For purposes of any action brought by the [Commission](/usc/15/80a–2.md?p=a-7) under subsection (d) or (e) of [section 80a–41 of this title](/usc/15/80a–41.md), any [person](/usc/15/80a–2.md?p=a-28) that knowingly or recklessly provides substantial assistance to another [person](/usc/15/80a–2.md?p=a-28) in [violation](/usc/15/57b–1.md?p=a-7) of a provision of this subchapter, or of any rule or regulation issued under this subchapter, shall be deemed to be in [violation](/usc/15/57b–1.md?p=a-7) of such provision to the same extent as the [person](/usc/15/80a–2.md?p=a-28) to whom such assistance is provided.
- (c) **Obstructing compliance—** It shall be unlawful for any [person](/usc/15/80a–2.md?p=a-28) without just cause to hinder, delay, or obstruct the making, filing, or keeping of any information, document, report, record, or [account](/usc/15/1681a.md?p=r-4) required to be made, filed, or kept under any provision of this subchapter or any rule, regulation, or [order](/usc/15/8702.md?p=14) thereunder.

## Source credit

(Aug. 22, 1940, ch. 686, title I, § 48, 54 Stat. 846; Pub. L. 111–203, title IX, § 929M(b), July 21, 2010, 124 Stat. 1861.)

## Notes

### Editorial Notes

### Amendments

2010—Subsecs. (b), (c). Pub. L. 111–203 added subsec. (b) and redesignated former subsec. (b) as (c).

### 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.