CITE

    15 USC Sec. 77i                                             01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER I - DOMESTIC SECURITIES

HEAD

    Sec. 77i. Court review of orders

STATUTE

      (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.

SOURCE

    (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.