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The law › Title 15, Commerce and Trade › Chapter 2B

15 U.S.C. 78t: Liability of controlling persons and persons who aid and abet violations

Created in 1964 by Public Law 88-467. Changed by 5 later laws. No bill we track in this Congress changes it.

3 other sections of the Code cite this one, including 15 U.S.C. 78t–1, 15 U.S.C. 78u–1, 15 U.S.C. 78kkk.

1 part of federal rules cite it as their authority, written by Securities and Exchange Commission (1).

This Congress

No bill we track in the 119th Congress changes this section.

    How it got here

    2010

    • Pub. L. 111–203, §929P(c), inserted "(including to the Commission in any action brought under paragraph (1) or (3) of section 78u(d) of this title)" after "controlled person is liable". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (a)
    • Pub. L. 111–203, §762(d)(6)(A), struck out "(as defined in section 206B of the Gramm-Leach-Bliley Act)" after "security-based swap agreement". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (d)
    • Pub. L. 111–203, §929O, inserted "or recklessly" after "knowingly". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (e)
    • Pub. L. 111–203, §762(d)(6)(B), struck out "(as defined in section 206B of the Gramm-Leach-Bliley Act)" after "security-based swap agreements". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (f)

    2000

    • Pub. L. 106–554, §1(a)(5) [title III, §303(i)], amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: "Wherever communicating, or purchasing or selling a security while in possession of, material nonpublic information would violate, or result in liability to a… (Consolidated Appropriations Act, 2001) Law text · (d)
    • Pub. L. 106–554, §1(a)(5) [title II, §205(a)(3)], substituted ", privilege, or security futures product" for "or privilege". (Consolidated Appropriations Act, 2001) Law text · (d)
    • Pub. L. 106–554, §1(a)(5) [title III, §303(j)], added subsec. (f). (Consolidated Appropriations Act, 2001) Law text · (f)

    1998

    • Pub. L. 105–353 redesignated subsec. (f) as (e). (Securities Litigation Uniform Standards Act of 1998) Law text · (e), (f)

    1995

    • Pub. L. 104–67, §104(1), substituted "liability of controlling persons and persons who aid and abet violations" for "Liabilities of controlling persons" in section catchline. Law text
    • Pub. L. 104–67, §104(2), added subsec. (f). Law text · (f)

    1984

    • Pub. L. 98–376 added subsec. (d). · (d)

    1964

    • Pub. L. 88–467 extended application of provisions of subsec. (c) by substituting the prohibition against any officer or director of, or an owner of securities issued by, a company from hindering, delaying, or obstructing the preparation or filing of any report, document, or information… · (c)

    Text, outline and history from the official U.S. Code (2024 edition) on GovInfo, published by the Office of the Law Revision Counsel. Changes made after that edition appear under This Congress.