Title 15 › Chapter CHAPTER 2D— - INVESTMENT COMPANIES AND ADVISERS › Subchapter SUBCHAPTER I— - INVESTMENT COMPANIES › § 80a–42
If someone is harmed by an order from the Commission, they can ask a U.S. court of appeals to review it. They must file a written petition within 60 days in the appeals court for the circuit where they live or do most business, or in the D.C. Court of Appeals. The court clerk will send a copy to a Commission member or officer, and the Commission must send the court the full record. The appeals court can keep, change, or cancel the order. The court will not hear objections that were not raised before the Commission unless there was a good reason. The Commission’s findings of fact are final if supported by substantial evidence. If new, important evidence exists and there was a good reason it was not shown earlier, the court can order that evidence to be taken before the Commission, which can change its findings and send new findings to the court. The court’s final decision can be taken to the Supreme Court by the usual review process. If the order being challenged was made under section 80a‑8(e), starting the appeals review automatically pauses the Commission’s order unless the court says otherwise. For orders under other parts of the law, starting review does not pause the order unless the court specifically orders a stay.
Full Legal Text
Commerce and Trade — Source: USLM XML via OLRC
Legislative History
Reference
Citation
15 U.S.C. § 80a–42
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73