54 STAT.] 70TH CONG. , 3D SESS.-CH. 68S -AUG. 22, 1940 MATERIAL MISSTATEMENTS SEC. 207. It shall be unlawful for any person willfully to make any untrue statement of a material fact in any registration application or report filed with the Commission under section 203 or 204, or willfully to omit to state in any such application or report any material fact which is required to be stated therein. UNLAWFUL REPRESENTATIONS SEC. 208. (a) It shall be unlawful for any person registered under section 203 of this title to represent or imply in any manner whatso- ever 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. (b) 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. (c) It shall be unlawful for any person registered under section 203 of this title to represent that he is an investment counsel or to use the name investment counsel as descriptive of his business unless such person is primarily engaged in the business of rendering invest- ment supervisory services or unless his registration application as amended or as supplemented by the most recent report on file with the Commission states that such person is engaged or is about to engage primarily in the business of rendering investment supervisory services. ENFORCEMENT OF TITLE SEC. 209. (a) Whenever it shall appear to the Commission, either upon complaint or otherwise, that the provisions of this title or of any rule or regulation prescribed under the authority thereof, have been or are about to be violated by any person, it may in its discre- tion require, and in any event shall permit, such person to file with it a statement in writing, under oath or otherwise, as to all the facts and circumstances relevant to such violation, and may otherwise investigate all such facts and circumstances. (b) For the purposes of any investigation or any proceeding under this title2 any member of the Commission or any officer thereof designated by it is empowered to administer oaths and affirmations subpena witnesses, compel their attendance, take evidence, and require the production of any books, papers correspondence, memo- randa, contracts, agreements, or other records which are relevant or material to the inquiry. Such attendance of witnesses and the pro- duction of any such records may be required from any place in any State or in any Territory or other place subject to the jurisdiction of the United States at any designated place of hearing. (c) In case of contumacy by, or refusal to obey a subpena issued to, any person, the Commission may invoke the aid of any court of the United States within the jurisdiction of which such investiga- tion or proceeding is carried on, or where such person resides or carries on business, in requiring the attendance and testimony of witnesses and the production of books, papers, correspondence, memoranda, contracts, agreements, and other records. And such court may issue an order requiring such person to appear before the Commission or member or officer designated by the Commission, there to produce records, if so ordered, or to give testimony touching the matter under investigation or in question; and any failure to obey such order of the court may be punished by such court as a con- tempt thereof. All process in any such case may be served in the 853 Material misstate- ments. Unlawful represen- tations. Statement of fact. 48 Stat. 881 . 15U.S.C.§§78a- 78jj; Supp. V, §§ 78- 78Misrepr ntations. Misrepresentations. Investigations. Powers of members of Commission. Attendance of wit- nesses, etc. Contumacy. Court order to com- pel appearance. Service of process.