§ 77v. — Jurisdiction of offenses and suits.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77v]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER I--DOMESTIC SECURITIES
Sec. 77v. Jurisdiction of offenses and suits
(a) Federal and State courts; venue; service of process; review;
removal; costs
The district courts of the United States and the United States
courts of any Territory shall have jurisdiction of offenses and
violations under this subchapter and under the rules and regulations
promulgated by the Commission in respect thereto, and, concurrent with
State and Territorial courts, except as provided in section 77p of this
title with respect to covered class actions, of all suits in equity and
actions at law brought to enforce any liability or duty created by this
subchapter. Any such suit or action may be brought in the district
wherein the defendant is found or is an inhabitant or transacts
business, or in the district where the offer or sale took place, if the
defendant participated therein, and process in such cases may be served
in any other district of which the defendant is an inhabitant or
wherever the defendant may be found. Judgments and decrees so rendered
shall be subject to review as provided in sections 1254, 1291, 1292, and
1294 of title 28. Except as provided in section 77p(c) of this title, no
case arising under this subchapter and brought in any State court of
competent jurisdiction shall be removed to any court of the United
States. No costs shall be assessed for or against the Commission in any
proceeding under this subchapter brought by or against it in the Supreme
Court or such other courts.
(b) Contumacy or refusal to obey subpena; contempt
In case of contumacy or refusal to obey a subpena issued to any
person, any of the said United States courts, within the jurisdiction of
which said person guilty of contumacy or refusal to obey is found or
resides, upon application by the Commission may issue to such person an
order requiring such person to appear before the Commission, or one of
its examiners designated by it, there to produce documentary evidence if
so ordered, or there to give evidence touching the matter in question;
and any failure to obey such order of the court may be punished by said
court as a contempt thereof.
(May 27, 1933, ch. 38, title I, Sec. 22, 48 Stat. 86; June 25, 1936, ch.
804, 49 Stat. 1921; June 25, 1948, ch. 646, Sec. 32(b), 62 Stat. 991;
May 24, 1949, ch. 139, Sec. 127, 63 Stat. 107; Aug. 10, 1954, ch. 667,
title I, Sec. 11, 68 Stat. 686; Pub. L. 91-452, title II, Sec. 213, Oct.
15, 1970, 84 Stat. 929; Pub. L. 100-181, title II, Sec. 209, Dec. 4,
1987, 101 Stat. 1253; Pub. L. 105-353, title I, Sec. 101(a)(3), Nov. 3,
1998, 112 Stat. 3230.)
Codification
As originally enacted subsec. (a) contained references to the
Supreme Court of the District of Columbia. Act June 25, 1936,
substituted ``the district court of the United States for the District
of Columbia'' for ``the Supreme Court of the District of Columbia'', and
act June 25, 1948, as amended by act May 24, 1949, substituted ``United
States District Court for the District of Columbia'' for ``district
court of the United States for the District of Columbia''. Pub. L. 100-
181 struck out reference to the United States District Court for the
District of Columbia. Previously, such reference had been editorially
eliminated as superfluous in view of section 132(a) of Title 28,
Judiciary and Judicial Procedure, which provides that ``There shall be
in each judicial district a district court which shall be a court of
record known as the United States District Court for the district'', and
section 88 of Title 28 which provides that ``the District of Columbia
constitutes one judicial district''.
Amendments
1998--Subsec. (a). Pub. L. 105-353 inserted ``except as provided in
section 77p of this title with respect to covered class actions,'' after
``Territorial courts,'' in first sentence and substituted ``Except as
provided in section 77p(c) of this title, no case'' for ``No case'' in
penultimate sentence.
1987--Subsec. (a). Pub. L. 100-181 substituted ``United States and''
for ``United States, the'', struck out ``, and the United States
District Court for the District of Columbia'' after ``Territory'', and
substituted ``sections 1254, 1291, 1292, and 1294 of title 28'' for
``sections 128 and 240 of the Judicial Code, as amended (U.S.C., title
28, secs. 225 and 347)''. See Codification note above.
1970--Subsec. (c). Pub. L. 91-452 struck out subsec. (c) which
related to immunity from prosecution of any individual compelled to
testify or produce evidence, documentary or otherwise, after claiming
his privilege against self-incrimination.
1954--Subsec. (a). Act Aug. 10, 1954, inserted ``offer or'' before
``sale'' in second sentence.
Effective Date of 1998 Amendment
Amendment by Pub. L. 105-353 not to affect or apply to any action
commenced before and pending on Nov. 3, 1998, see section 101(c) of Pub.
L. 105-353, set out as a note under section 77p of this title.
Effective Date of 1970 Amendment
Amendment by Pub. L. 91-452 effective on sixtieth day following Oct.
15, 1970, see section 260 of Pub. L. 91-452, set out as an Effective
Date; Savings Provision note under section 6001 of Title 18, Crimes and
Criminal Procedure.
Effective Date of 1954 Amendment
Amendment by act Aug. 10, 1954, effective 60 days after Aug. 10,
1954, see note under section 77b of this title.
Savings Provision
Amendment by Pub. L. 91-452 not to affect any immunity to which any
individual is entitled under this section by reason of any testimony
given before the sixtieth day following Oct. 15, 1970, see section 260
of Pub. L. 91-452, set out as an Effective Date; Savings Provision note
under section 6001 of Title 18, Crimes and Criminal Procedure.
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 77t, 77uuu, 77vvv of this
title; title 7 section 1932.
