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15 U.S.C. § 80a–43Jurisdiction of offenses and suits

submitted 86 years ago by ch. 686 to r/title-15-COMMERCE-AND-TRADE · 394 words · no verdicts yet

in plain englishAI-generated · not legal advice

Federal courts have jurisdiction over violations of this law and suits to enforce it, shared with state courts. Where a case can be filed depends on where the violation happened or where the defendant is found. SEC subpoenas in its own cases can be served anywhere in the U.S.

Federal district courts and U.S. territorial courts have jurisdiction over violations of this law and its rules or orders, and, along with state and territorial courts, over equity suits and legal actions to enforce a liability or duty this law creates, or to stop a violation of it. A criminal case can be brought where the violation happened. A criminal case based on section 80a–33 (destruction or falsification of records), or on failing to file a required report, can instead be brought where the defendant lives or has a principal office. A suit to enforce a liability or duty, or to stop a violation, can be brought in any of those districts, or where the defendant lives or does business; papers can be served anywhere the defendant lives, does business, or is found. In an SEC action in any district, a subpoena for a witness or documents can be served anywhere in the United States, and Federal Rule of Civil Procedure 45(c)(3)(A)(ii) doesn't apply to it. Judgments can be reviewed under sections 1254, 1291, 1292, and 1294 of title 28. No costs are assessed for or against the SEC in a case under this law. The SEC can step into any suit to enforce, or stop noncompliance with, section 80a–35(b), any time before final judgment.
the actual law source: uscode.house.gov ↗public domain

The district courts of the United States and the United States courts of any Territory or other place subject to the jurisdiction of the United States shall have jurisdiction of violations of this subchapter or the rules, regulations, or orders thereunder, and, concurrently with State and Territorial courts, of all suits in equity and actions at law brought to enforce any liability or duty created by, or to enjoin any violation of, this subchapter or the rules, regulations, or orders thereunder. Any criminal proceeding may be brought in the district wherein any act or transaction constituting the violation occurred. A criminal proceeding based upon a violation of section 80a–33 of this title, or upon a failure to file a report or other document required to be filed under this subchapter, may be brought in the district wherein the defendant is an inhabitant or maintains his principal office or place of business. Any suit or action to enforce any liability or duty created by, or to enjoin any violation of, this subchapter or rules, regulations, or orders thereunder, may be brought in any such district or in the district wherein the defendant is an inhabitant or transacts business, and process in such cases may be served in any district of which the defendant is an inhabitant or transacts business or wherever the defendant may be found. In any action or proceeding instituted by the Commission under this subchapter in a United States district court for any judicial district, a subpoena issued to compel the attendance of a witness or the production of documents or tangible things (or both) at a hearing or trial may be served at any place within the United States. Rule 45(c)(3)(A)(ii) of the Federal Rules of Civil Procedure shall not apply to a subpoena issued under the preceding sentence. Judgments and decrees so rendered shall be subject to review as provided in sections 1254, 1291, 1292, and 1294 of title 28. No costs shall be assessed for or against the Commission in any proceeding under this subchapter brought by or against the Commission in any court. The Commission may intervene as a party in any action or suit to enforce any liability or duty created by, or to enjoin any noncompliance with, section 80a–35(b) of this title at any stage of such action or suit prior to final judgment therein.

Source credit: (Aug. 22, 1940, ch. 686, title I, § 44, 54 Stat. 844; Pub. L. 91–547, § 22, Dec. 14, 1970, 84 Stat. 1430; Pub. L. 111–203, title IX, § 929E(c), July 21, 2010, 124 Stat. 1853.)

history & why it existsrecord from the source credit
  • 1940Enacted · Act of Aug. 22, 1940, ch. 686 · 54 Stat. 844
  • 1970Amended · Pub. L. 91-547 · 84 Stat. 1430
  • 2010Amended · Pub. L. 111-203 · 124 Stat. 1853

A history note hasn’t been published yet. The record shows enactment by ch. 686 on 1940-08-22.

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