§ 77i. Court review of orders

Statutory text

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.

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

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1933
Pub. L. 73–38 · 48 Stat. 74
Enacted · 15 U.S.C. § 77i
May 27, 1933, ch. 38, title I, § 9, 48 Stat. 80
Source evidence
Code source credit
May 27, 1933, ch. 38, title I, § 9, 48 Stat. 80
1958
Pub. L. 85–791 § 9 · 72 Stat. 941
1. Substituted · 15 U.S.C. § 77i(a)
  Pub. L. 85–791, in second sentence, substituted “transmitted by the clerk of the court to” for “served upon”
2. Struck · 15 U.S.C. § 77i(a)
  Pub. L. 85–791, in second sentence, struck out “certify and” before “file in the court”
3. Struck · 15 U.S.C. § 77i(a)
  Pub. L. 85–791, in second sentence, struck out “a transcript of” after “file in the court”
4. Inserted · 15 U.S.C. § 77i(a)
  Pub. L. 85–791, in second sentence, inserted “as provided in section 2112 of title 28”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 85–791, in second sentence, substituted “transmitted by the clerk of the court to” for “served upon”, struck out “certify and” before “file in the court”, struck out “a transcript of” after “file in the court”, and inserted “as provided in section 2112 of title 28”.
Enacted provision · exact public law section
Sec. 9. The second sentence of subsection (a) of section 9 of the SEC. 15 USC 771. Securities Act of 1933 (48 Stat. 80) is amended to read as follows: “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, United States Code.”
1987
Securities and Exchange Commission Authorization Act of 1987
Pub. L. 100–181 title II § 206 · 101 Stat. 1249
1. Substituted · 15 U.S.C. § 77i(a)
  Pub. L. 100–181 substituted “court of appeals” for “Circuit Court of Appeals”
2. Substituted · 15 U.S.C. § 77i(a)
  Pub. L. 100–181 substituted “United States Court of Appeals for the District of Columbia, by filing in such Court” for “Court of Appeals of the District of Columbia, by filing in such court”
3. Substituted · 15 U.S.C. § 77i(a)
  Pub. L. 100–181 substituted “section 1254 of title 28” for “sections 239 and 240 of the Judicial Code, as amended (U.S.C., title 28, secs. 346 and 347)”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 100–181 substituted “court of appeals” for “Circuit Court of Appeals”, “United States Court of Appeals for the District of Columbia, by filing in such Court” for “Court of Appeals of the District of Columbia, by filing in such court”, and “section 1254 of title 28” for “sections 239 and 240 of the Judicial Code, as amended (U.S.C., title 28, secs. 346 and 347)”.
Enacted provision · exact public law section
Sec. 206. Section 9(a) of the Securities Act of 1933 (15 U.S.C. 77i(a)) Courts. is amended— (1) by striking out “Circuit Court of Appeals” and inserting in lieu thereof “court of appeals”; (2) by striking out “Court of Appeals of the District of Columbia, by filing in such court” and inserting in lieu thereof “United States Court of Appeals for the District of Columbia, by filing in such Court”; and (3) by striking out “sections 239 and 240 of the Judicial Code, as amended (U.S.C., title 28, secs. 346 and 347)” and inserting in lieu thereof “section 1254 of title 28, United States Code”.

7 of 8 references resolved to an enrolled provision · 1 partial

Editorial Notes

Amendments1958–1987 · 2 rounds

1987

Subsec. (a). Pub. L. 100–181 substituted “court of appeals” for “Circuit Court of Appeals”, “United States Court of Appeals for the District of Columbia, by filing in such Court” for “Court of Appeals of the District of Columbia, by filing in such court”, and “section 1254 of title 28” for “sections 239 and 240 of the Judicial Code, as amended (U.S.C., title 28, secs. 346 and 347)”.

1958

Subsec. (a). Pub. L. 85–791, in second sentence, substituted “transmitted by the clerk of the court to” for “served upon”, struck out “certify and” before “file in the court”, struck out “a transcript of” after “file in the court”, and inserted “as provided in section 2112 of title 28”.

Executive Documents

Transfer of Functions

For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.

Credits

1933–1987 · 3 acts

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

Show as published

(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.)