Representations of sponsorship by United States
or agency thereof. It shall be unlawful for any person registered under
section 203 to represent or imply in any manner
whatsoever that such person has been sponsored, recommended, or approved,
or that his abilities or qualifications have in any respect been passed upon
by the United States or any agency or any officer thereof.
Statement of registration under Securities Exchange
Act of 1934 provisions. No provision of subsection (a) shall be construed
to prohibit a statement that a person is registered under this title or under
the Securities Exchange Act of 1934, if such statement is true in fact and
if the effect of such registration is not misrepresented.
Use of name "investment counsel" as descriptive
of business. It shall be unlawful for any person registered under section
203 to represent that he is an investment counsel or to use the name "investment
counsel" as descriptive of his business unless (1) his or its principal business
consists of acting as investment adviser, and (2) a substantial part of his
or its business consists of rendering investment supervisory services.
Use of indirect means to do prohibited act.
It shall be unlawful for any person indirectly, or through or by any other
person, to do any act or thing which it would be unlawful for such person
to do directly under the provisions of this title or any rule or regulation
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