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15 U.S.C. § 77iCourt review of orders

submitted 93 years ago by ch. 38 to r/title-15-COMMERCE-AND-TRADE · 386 words · no verdicts yet

in plain englishAI-generated · not legal advice

Anyone hurt by an SEC order can ask a federal court of appeals to review it. They must file a petition within 60 days, and the SEC's factual findings stand if evidence backs them. Filing this petition doesn't pause the SEC's order unless the court says so.

(a) A person harmed by an SEC order can ask for court review in the court of appeals for the circuit where they live or do business, or in the D.C. Circuit. They must file a written petition within 60 days of the order, asking the court to change or cancel the order in whole or in part. The court clerk sends a copy to the SEC, and the SEC must then file the record behind the order, as section 2112 of title 28 requires. The court will not consider an objection to the SEC's order unless that objection was already raised before the SEC. The SEC's factual findings are final if evidence supports them. If either side asks to add new evidence, and shows the court that the evidence is important and that there was good reason it wasn't presented to the SEC earlier, the court can send the case back to the SEC to take that evidence and hold another hearing on it, on terms the court sets. The SEC may then revise its factual findings based on the new evidence; those revised or new findings are final if evidence supports them, along with any recommendation the SEC makes about changing or canceling the original order. The court's power over these cases is exclusive, and its final decision — affirming, changing, or canceling an SEC order — can only be reviewed further by the Supreme Court. (b) Starting a court case under subsection (a) does not pause the SEC's order unless the court specifically orders that.
the actual law source: uscode.house.gov ↗public domain
(a)

Any person aggrieved by an order of the Commission may obtain a review of such order in the court of appeals of the United States, within any circuit wherein such person resides or has his principal place of business, or in the United States Court of Appeals for the District of Columbia, by filing in such Court, within sixty days after the entry of such order, a written petition praying that the order of the Commission be modified or be set aside in whole or in part. A copy of such petition shall be forthwith transmitted by the clerk of the court to the Commission, and thereupon the Commission shall file in the court the record upon which the order complained of was entered, as provided in section 2112 of title 28. No objection to the order of the Commission shall be considered by the court unless such objection shall have been urged before the Commission. The finding of the Commission as to the facts, if supported by evidence, shall be conclusive. If either party shall apply to the court for leave to adduce additional evidence, and shall show to the satisfaction of the court that such additional evidence is material and that there were reasonable grounds for failure to adduce such evidence in the hearing before the Commission, the court may order such additional evidence to be taken before the Commission and to be adduced upon the hearing in such manner and upon such terms and conditions as to the court may seem proper. The Commission may modify its findings as to the facts, by reason of the additional evidence so taken, and it shall file such modified or new findings, which, if supported by evidence, shall be conclusive, and its recommendation, if any, for the modification or setting aside of the original order. The jurisdiction of the court shall be exclusive and its judgment and decree, affirming, modifying, or setting aside, in whole or in part, any order of the Commission, shall be final, subject to review by the Supreme Court of the United States upon certiorari or certification as provided in section 1254 of title 28.

(b)

The commencement of proceedings under subsection (a) shall not, unless specifically ordered by the court, operate as a stay of the Commission’s order.

Source credit: (May 27, 1933, ch. 38, title I, § 9, 48 Stat. 80; Pub. L. 85–791, § 9, Aug. 28, 1958, 72 Stat. 945; Pub. L. 100–181, title II, § 206, Dec. 4, 1987, 101 Stat. 1252.)

history & why it existsrecord from the source credit
  • 1933Enacted · Act of May 27, 1933, ch. 38 · 48 Stat. 80
  • 1958Amended · Pub. L. 85-791 · 72 Stat. 945
  • 1987Amended · Pub. L. 100-181 · 101 Stat. 1252

A history note hasn’t been published yet. The record shows enactment by ch. 38 on 1933-05-27.

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