54 STAT.] 76rH CONG., 3D SESS.-CH. 686-AUG. 22 , 1940 of any such contract, and (2) as regards the rights of any person 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. ANNUAL REPORTS OF COMMISSION SEC. 216. The Commission shall submit annually a report to the Congress covering the work of the Commission for the preceding year and including such information, data, and recommendations for further legislation in connection with the matters covered by this title as it may find advisable. PENALTIES SEC. 217. Any person who willfully violates any provision of this title shall, upon conviction, be fined not more than $10,000, imprisoned for not more than two years, or both. EMIPLOYEES OF THE COMMISSION SEC. 218. For the purposes of this title, the Commission may select, employ, and fix the compensation of such attorneys, examiners, and other experts as shall be necessary for the transaction of the business of the Commission in respect of this title without regard to the provisions of other laws applicable to the employment and com- pensation of officers or employees of the United States; and the Commission may, subject to the civil-service laws, appoint such other officers and employees as are necessary in the execution of the func- tions of the Commission and fix their salaries in accordance with the Classification Act of 1923, as amended. SEPARABILITY OF PROVISIONS SEC. 219. If any provision of this title or the application of such provision to any person or circumstances shall be held invalid, the remainder of the title and the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby. SHORT TITLE SEC. 220. This title may be cited as the "Investment Advisers Act of 1940". EFFECTIVE DATE SEC. 221. This title shall become effective on November 1, 1940. TITLE III-AMENDMENT OF SECURITIES ACT OF 1933 SEC. 301. Section 8 (a) of the Securities Act of 1933, as amended, is amended to read as follows: "SEC. 8 . (a) Except as hereinafter provided, the effective date of a registration statement shall be the twentieth day after the filing thereof or such earlier date as the Commission may determine, having due regard to the adequacy of the information respecting the issuer theretofore available to the public, to the facility with which the nature of the securities to be registered, their relationship to the capital structure of the issuer and the rights of holders thereof can be under- stood, and to the public interest and the protection of investors. If any amendment to any such statement is filed prior to the effective date of such statement, the registration statement shall be deemed to 857 Annual reports. Penalties. Employment of ex- perts. 42 Stat. 1488 . 6 U. S.C. . §661- 674; Supp. V, §§ 673, 673c. Separability of pro- visions. Short title. Effective date. 48 Stat. 79. 15 U.S. C. 77h(a). Effective date of registration state- ment. Amendments.