---
kind: "section"
citation: "15 U.S.C. § 80b–7"
title: "15"
title_heading: "Commerce and Trade"
number: "80b–7"
heading: "Material misstatements"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/80b-7"
units:
  - "Chapter 2D — Investment Companies and Advisers"
  - "Subchapter II — Investment Advisers"
---

# §80b–7. Material misstatements


It shall be unlawful for any [person](/usc/15/80a–2.md?p=a-28) willfully to make any untrue statement of a material fact in any registration application or report filed with the [Commission](/usc/15/80a–2.md?p=a-7) under section [80b–3](/usc/15/80b–3.md) or [80b–4](/usc/15/80b–4.md) of this title, or willfully to omit to [state](/usc/15/80a–2.md?p=a-39) in any such application or report any material fact which is required to be stated therein.


## Source credit

(Aug. 22, 1940, ch. 686, title II, § 207, 54 Stat. 853.)

## 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.