No action or failure to act by the Commission or the Board of Governors of the
Federal Reserve System, in the administration of this title 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 title 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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