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15 U.S.C. § 77vvv — Judicial review
Federal law — U.S. Code and appendices · legal_authorities
**(a) Review of orders** Orders of the Commission under this subchapter (including orders pursuant to the provisions of sections 77eee(b) and 77ggg(c) of this title) shall be subject to review in the same manner, upon the same conditions, and to the same extent, as provided in section 9 of the Securities Act of 1933 [[15 U.S.C. 77i](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77i&num=0&edition=prelim)], with respect to orders of the Commission under such Act.
**(b) Jurisdiction of offenses and suits** Jurisdiction of offenses and violations under, and jurisdiction and venue of suits and actions brought to enforce any liability or duty created by, this subchapter, or any rules or regulations or orders prescribed under the authority thereof, shall be as provided in section 22(a) of the Securities Act of 1933 [[15 U.S.C. 77v(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77v/a&num=0&edition=prelim)].
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Source file: Laws/federal/codes/united-states-code/title-15/section-77vvv-judicial-review--d41672f2b5.md
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Source location: Title 15, Chapter 2A, § 77vvv; chapter-2a-securities-and-trust-indentures.md
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**(a) Review of orders** Orders of the Commission under this subchapter (including orders pursuant to the provisions of sections 77eee(b) and 77ggg(c) of this title) shall be subject to review in the same manner, upon the same conditions, and to the same extent, as provided in section 9 of the Securities Act of 1933 [[15 U.S.C. 77i](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77i&num=0&edition=prelim)], with respect to orders of the Commission under such Act.
**(b) Jurisdiction of offenses and suits** Jurisdiction of offenses and violations under, and jurisdiction and venue of suits and actions brought to enforce any liability or duty created by, this subchapter, or any rules or regulations or orders prescribed under the authority thereof, shall be as provided in section 22(a) of the Securities Act of 1933 [[15 U.S.C. 77v(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77v/a&num=0&edition=prelim)].
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter may be cited as the “Securities Act of 1933”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77a
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Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section2112&num=0&edition=prelim). 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
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77i
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment; composition; limitations on commissioners; terms of office** There is hereby established a Securities and Exchange Commission (hereinafter referred to as the “Commission”) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable. No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934.
**(b) Appointment and compensation of staff and leasing authority**
(1) **Appointment and compensation** — The Commission shall appoint and compensate offic
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78d
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Federal law — U.S. Code and appendices · legal_authorities
Page 147
TITLE 15—COMMERCE AND TRADE
§ 77j
(i) the act or omission described in para-
graph (1) involved fraud, deceit, manipula-
tion, or deliberate or reckless disregard of
a regulatory requirement; and
(ii) such act or omission directly or indi-
rectly resulted in—
(I) substantial losses or created a sig-
nificant risk of substantial losses to
other persons; or
(II) substantial pecuniary gain to the
person who committed the act or omis-
sion.
(3) Evidence concerning ability to pay
In any proceeding in which the Commission
may impose a penalty under this section, a re-
spondent may present evidence of the ability
of the respondent to pay such penalty. The
Commission may, in its discretion, consider
such evidence in determining whether such
penalty is in the public interest. Such evi-
dence may relate to the extent of the ability
of the respondent to continue in business and
the collectability of a penalty, taking into ac-
count any other claims of the United States or
third parties upon the assets of the respondent
and the amount of the assets of the respond-
ent.
(May 27, 1933, ch. 38, title I, § 8A, as added Pub.
L. 101–429, title I, § 102, Oct. 15, 1990, 104 Stat. 933;
amended Pub. L. 107–204, title XI, § 1105(b), July
30, 2002, 116 Stat. 809; Pub. L. 111–203, title IX,
§ 929P(a)(1), July 21, 2010, 124 Stat. 1862.)
Editorial Notes
AMENDMENTS
2010—Subsec. (g). Pub. L. 111–203 added subsec. (g).
2002—Subsec. (f). Pub. L. 107–204 added subsec. (f).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111–203 effective 1 day after
July 21, 2010, except as otherwise provided, see section
4 of Pub. L. 111–203, set out as an Effective Date note
under section 5301 of Title 12, Banks and Banking.
EFFEC
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77i
Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 77i. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77p&num=0&edition=prelim) 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. In any action or proceeding instituted by the Commission under this subchapter in a United States district court for any judicial district, a subpoena issued to compel the attendance of a witness or the production of documents or tangible things (or both) at a hearing or trial may be served at any place within the United States. Rule 45(c)(3)(A)(ii) of the Federal Rules of Civil Procedure shall not apply to a subpoena issued under the preceding sentence. 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77p/c&num=0&edition=prelim), no case ar
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77v
Stored review status: release_metadata_unconfirmed. The source passage cites 15 U.S.C. § 77v. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 164
TITLE 15—COMMERCE AND TRADE
§ 77v
§ 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 ac-
tions, 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 busi-
ness, or in the district where the offer or sale
took place, if the defendant participated there-
in, 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. In any action or proceeding instituted by
the Commission under this subchapter in a
United States district court for any judicial dis-
trict, a subpoena issued to compel the attend-
ance of a witness or the production of docu-
ments or tangible things (or both) at a hearing
or trial may be served at any place within the
United States. Rule 45(c)(3)(A)(ii) of the Federal
Rules of Civil Procedure shall not apply to a
subpoena issued under the preceding sentence.
Judgments and decrees so rendered shall be sub-
ject 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
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77v
Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 77v. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 199
TITLE 15—COMMERCE AND TRADE
§ 77vvv
made available to the Commission under this
subsection, no report of an examination made
under this subsection for the use of the Commis-
sion, no report of an examination made of any
trustee or prospective trustee by any Federal,
State, Territorial, or District authority having
jurisdiction to examine or supervise such trust-
ee, no report made by any such trustee or pro-
spective trustee to any such authority, and no
correspondence between any such authority and
any such trustee or prospective trustee, shall be
divulged or made known or available by the
Commission or any member, officer, agent, or
employee thereof, to any person other than a
member, officer, agent, or employee of the Com-
mission: Provided, That the Commission may
make available to the Attorney General of the
United States, in confidence, any information
obtained from such records, reports of examina-
tion, other reports, or correspondence, and
deemed necessary by the Commission, or re-
quested by him, for the purpose of enabling him
to perform his duties under this subchapter.
(c) Investigation of prospective trustees
Any investigation of a prospective trustee, or
any proceeding or requirement for the purpose
of obtaining information regarding a prospective
trustee, under any provision of this subchapter,
shall be limited—
(1) to determining whether such prospective
trustee is qualified to act as trustee under the
provisions of subsection (b) of section 77jjj of
this title;
(2) to requiring the inclusion in the registra-
tion statement or application of information
with respect to the eligibility of such prospec-
tive trustee under paragraph (1) of subsection
(a) of section 77jjj of this title; and
(3) to requiring the inclusi
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77vvv
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