---
kind: "section"
citation: "15 U.S.C. § 80b–15"
title: "15"
title_heading: "Commerce and Trade"
number: "80b–15"
heading: "Validity of contracts"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/80b-15"
units:
  - "Chapter 2D — Investment Companies and Advisers"
  - "Subchapter II — Investment Advisers"
---

# §80b–15. Validity of contracts

- (a) **Waiver of compliance as void—** Any condition, stipulation, or provision binding any [person](/usc/15/80a–2.md?p=a-28) to waive compliance with any provision of this subchapter or with any rule, regulation, or order thereunder shall be void.
- (b) **Rights affected by invalidity—** Every contract made in violation of any provision of this subchapter and every contract heretofore or hereafter made, the performance of which involves the violation of, or the continuance of any relationship or practice in violation of any provision of this subchapter, or any rule, regulation, or order thereunder, shall be void (1) as regards the rights of any [person](/usc/15/80a–2.md?p=a-28) who, in violation of any such provision, rule, regulation, or order, shall have made or engaged in the performance of any such contract, and (2) as regards the rights of any [person](/usc/15/80a–2.md?p=a-28) who, not being a party to such contract, shall have acquired any right thereunder with actual knowledge of the facts by reason of which the making or performance of such contract was in violation of any such provision.

## Source credit

(Aug. 22, 1940, ch. 686, title II, § 215, 54 Stat. 856.)

## Notes

### Executive Documents

### Transfer of Functions

For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.