No action or failure to act by the Commission or the Board of
Governors of the Federal Reserve System, in the administration of
this chapter shall be construed to mean that the particular
authority has in any way passed upon the merits of, or given
approval to, any security or any transaction or transactions
therein, nor shall such action or failure to act with regard to any
statement or report filed with or examined by such authority
pursuant to this chapter or rules and regulations thereunder, be
deemed a finding by such authority that such statement or report is
true and accurate on its face or that it is not false or
misleading. It shall be unlawful to make, or cause to be made, to
any prospective purchaser or seller of a security any
representation that any such action or failure to act by any such
authority is to be so construed or has such effect.
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