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.
(b) Statement of registration under Securities Exchange Act of 1934 provisions
No provision of subsection (a) of this section shall be construed to prohibit a statement that a person is registered under this subchapter 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) 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.
(d) 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 subchapter or any rule or regulation thereunder.