15 U.S.C. § 77i — Court review of orders

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. EFFECTIVE DATE Section effective Oct. 15, 1990, with provisions relat- ing to civil penalties and accounting and disgorgement, see section 1(c)(1) and (2) of Pub. L. 101–429, set out in an Effective Date of 1990 Amendment note under sec- tion 77g of this title. § 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 writ- ten petition praying that the order of the Com- mission be modified or be set aside in whole or in part. A copy of such petition shall be forth- with 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 evi- dence, 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 mate- rial 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 condi- tions 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 origi- nal order. The jurisdiction of the court shall be exclusive and its judgment and decree, affirm- ing, 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 certifi- cation as provided in section 1254 of title 28. (b) The commencement of proceedings under subsection (a) shall not, unless specifically or- dered by the court, operate as a stay of the Com- mission’s order. (May 27, 1933, ch. 38, title I, § 9, 48 Stat. 80; Pub. L. 85–791, § 9, Aug. 28, 1958, 72 Stat. 945; Pub. L. 100–181, title II, § 206, Dec. 4, 1987, 101 Stat. 1252.) Editorial Notes 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 ‘‘sec- tion 1254 of title 28’’ for ‘‘sections 239 and 240 of the Ju- dicial 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’’. Executive Documents 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, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title. § 77j. Information required in prospectus (a) Information in registration statement; docu- ments not required Except to the extent otherwise permitted or required pursuant to this subsection or sub- sections (c), (d), or (e)— (1) a prospectus relating to a security other than a security issued by a foreign govern- ment or political subdivision thereof, shall