---
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"
date: "2026-07-12"
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 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 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](/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 required to be made, filed, or kept under any provision of this subchapter or any rule, regulation, or order 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.