§ 77i. — Court review of orders.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77i]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER I--DOMESTIC SECURITIES
Sec. 77i. Court review of orders
(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) of this
section shall not, unless specifically ordered by the court, operate as
a stay of the Commission's order.
(May 27, 1933, ch. 38, title I, Sec. 9, 48 Stat. 80; Pub. L. 85-791,
Sec. 9, Aug. 28, 1958, 72 Stat. 945; Pub. L. 100-181, title II,
Sec. 206, Dec. 4, 1987, 101 Stat. 1252.)
Amendments
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''.
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, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat.
1265, set out under section 78d of this title.
Section Referred to in Other Sections
This section is referred to in sections 77h-1, 77vvv of this title.
