CITE
15 USC Sec. 80b-13 01/05/2009
EXPCITE
TITLE 15 - COMMERCE AND TRADE
CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II - INVESTMENT ADVISERS
HEAD
Sec. 80b-13. Court review of orders
STATUTE
(a) Petition; jurisdiction; findings of Commission; additional
evidence; finality
Any person or party aggrieved by an order issued by the
Commission under this subchapter may obtain a review of such order
in the United States court of appeals 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 set aside in whole or in part. A copy of such
petition shall be forthwith transmitted by the clerk of the court
to any member of the Commission, or any officer thereof designated
by the Commission for that purpose, 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. Upon the
filing of such petition such court shall have jurisdiction, which
upon the filing of the record shall be exclusive, to affirm,
modify, or set aside such order, in whole or in part. No objection
to the order of the Commission shall be considered by the court
unless such objection shall have been urged before the Commission
or unless there were reasonable grounds for failure so to do. The
findings of the Commission as to the facts, if supported by
substantial evidence, shall be conclusive. If application is made
to the court for leave to adduce additional evidence, and it is
shown 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 proceeding 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
with the court such modified or new findings, which, if supported
by substantial evidence, shall be conclusive, and its
recommendation, if any, for the modification or setting aside of
the original order. The judgment and decree of the court affirming,
modifying, or setting aside, in whole or in part, any such 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) Stay of Commission's order
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
(Aug. 22, 1940, ch. 686, title II, Sec. 213, 54 Stat. 855; June 25,
1948, ch. 646, Sec. 32(a), 62 Stat. 991; May 24, 1949, ch. 139,
Sec. 127, 63 Stat. 107; Pub. L. 85-791, Sec. 26, Aug. 28, 1958, 72
Stat. 949; Pub. L. 100-181, title VII, Sec. 706, Dec. 4, 1987, 101
Stat. 1264.)
AMENDMENTS
1987 - Subsec. (a). Pub. L. 100-181 substituted "section 1254 of
title 28" for "sections 239 and 240 of the Judicial Code, as
amended".
1958 - Subsec. (a). Pub. L. 85-791, in second sentence,
substituted "transmitted by the clerk of the court to any member of
the Commission, or" for "served upon any member of the Commission,
or upon", substituted "file in the court" for "certify and file in
the court a transcript of", and inserted "as provided in section
2112 of title 28", and which, in third sentence, substituted
"petition" for "transcript", and "jurisdiction, which upon the
filing of the record shall be exclusive" for "exclusive
jurisdiction".
CHANGE OF NAME
Act June 25, 1948, eff. Sept. 1, 1948, as amended by act May 24,
1949, substituted "court of appeals" for "circuit court of
appeals".
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.