US Code Title 15 Section 77

CITE

    15 USC Sec. 77v                                             01/08/2008

EXPCITE

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

HEAD

    Sec. 77v. Jurisdiction of offenses and suits

STATUTE

    (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.

SOURCE

    (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.