---
kind: "range"
citation: "15 U.S.C. §§ 80a–48–80a–52"
title: "15"
from: "80a–48"
to: "80a–52"
count: 5
release: "119-102"
url: "https://uscodex.org/usc/15/80a-48..80a-52"
---

# §80a–48. Penalties


Any [person](/usc/15/80a–2.md?p=a-28) who willfully violates any provision of this subchapter or of any rule, regulation, or [order](/usc/15/8702.md?p=14) hereunder, or any [person](/usc/15/80a–2.md?p=a-28) who willfully in any [registration statement](/usc/15/77b.md?p=a-8), [application](/usc/15/77ccc.md?p=8), report, [account](/usc/15/1681a.md?p=r-4), record, or other document filed or transmitted pursuant to this subchapter or the keeping of which is required pursuant to [section 80a–30(a) of this title](/usc/15/80a–30.md?p=a) makes any untrue statement of a material fact or omits to [state](/usc/15/80a–2.md?p=a-39) any material fact necessary in [order](/usc/15/8702.md?p=14) to prevent the statements made therein from being materially misleading in the light of the circumstances under which they were made, shall upon conviction be fined not more than $10,000 or imprisoned not more than five years, or both; but no [person](/usc/15/80a–2.md?p=a-28) shall be [convicted](/usc/15/80a–2.md?p=a-10) under this section for the [violation](/usc/15/57b–1.md?p=a-7) of any rule, regulation, or [order](/usc/15/8702.md?p=14) if he proves that he had no actual knowledge of such rule, regulation, or [order](/usc/15/8702.md?p=14).


# §80a–49. Construction with other laws


Except where specific provision is made to the contrary, nothing in this subchapter shall affect (1) the jurisdiction of the [Commission](/usc/15/80a–2.md?p=a-7) under the Securities Act of 1933 [[15 U.S.C. 77a](/usc/15/77a.md) et seq.], the [Securities](/usc/15/80a–2.md?p=a-36) Exchange Act of 1934 [[15 U.S.C. 78a](/usc/15/78a.md) et seq.], the Trust Indenture Act of 1939 [[15 U.S.C. 77aaa](/usc/15/77aaa.md) et seq.], or subchapter II of this chapter, over any [person](/usc/15/80a–2.md?p=a-28), [security](/usc/15/80a–2.md?p=a-36), or transaction, or (2) the rights, obligations, duties, or liabilities of any [person](/usc/15/80a–2.md?p=a-28) under such Acts; nor shall anything in this subchapter affect the jurisdiction of any other [commission](/usc/15/80a–2.md?p=a-7), [board](/usc/15/205c.md?p=1), agency, or officer of the United States or of any [State](/usc/15/80a–2.md?p=a-39) or political subdivision of any [State](/usc/15/80a–2.md?p=a-39), over any [person](/usc/15/80a–2.md?p=a-28), [security](/usc/15/80a–2.md?p=a-36), or transaction, insofar as such jurisdiction does not conflict with any provision of this subchapter or of any rule, regulation, or [order](/usc/15/8702.md?p=14) hereunder.


# §80a–50. Separability


If any provision of this subchapter or any provision incorporated in this subchapter by reference, or the [application](/usc/15/77ccc.md?p=8) of any such provision to any [person](/usc/15/80a–2.md?p=a-28) or circumstances, shall be held invalid, the remainder of this subchapter and the [application](/usc/15/77ccc.md?p=8) of any such provision to [person](/usc/15/80a–2.md?p=a-28) or circumstances other than those as to which it is held invalid shall not be affected thereby.


# §80a–51. Short title


This subchapter may be cited as the “Investment Company Act of 1940”.


# §80a–52. Effective date


The effective date of the provisions of this subchapter, so far as the same relate to [face-amount certificates](/usc/15/80a–2.md?p=a-15) or to [face-amount certificate companies](/usc/15/80a–4.md?p=1), is January 1, 1941. The effective date of provisions hereof, insofar as the same do not apply to [face-amount certificates](/usc/15/80a–2.md?p=a-15) or [face-amount certificate companies](/usc/15/80a–4.md?p=1) is November 1, 1940. Except as herein otherwise provided, every provision of this subchapter shall take effect on November 1, 1940.