# kaal:claim:2337268-040

**Claim.** Enforcement of the IAA's prohibited transactions provision is limited because the Supreme Court in Transamerica Mortgage Advisors, Inc. v. Lewis held that a violation of that provision does not support an implied private right of action.

**Type.** failure  **Support.** argued

**Holds when.**

- violations of the IAA prohibited transactions provision

**Source quote.**

> The enforcement of a violation of prohibited transactions under the IAA is limited. In Transamerica Mortgage Advisors, Inc. v. Lewis107 the Supreme Court determined that a violation of the IAA's prohibited transactions provision108 does not allow for implied private rights of action.

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 9. Prohibited Practices, page 22

**Cite as.** Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

**Verify.** sha256 of source PDF `7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Investment%20Adviser%20Regulation.pdf

**Failure mode.** no implied private right of action under the IAA  (family: enforcement-gap)

**Topics.** compliance

**Keywords.** private-right-of-action, enforcement, transamerica, prohibited-transactions

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