§78aa Jurisdiction of Offenses and Suits

Summary

Only United States district courts and U.S. territorial courts can hear crimes or civil cases about breaking this chapter or its rules. Criminal cases can be started where the bad act happened. Civil cases to enforce duties or stop violations can be brought where the defendant lives, does business, is found, or where the act happened. Papers can be served in any district where the defendant lives or is found. If the Commission starts a case in a district court, its subpoenas for witnesses or documents can be served anywhere in the United States, and Rule 45(c)(3)(A)(ii) of the Federal Rules of Civil Procedure does not apply. Court decisions can be reviewed under 28 U.S.C. sections 1254, 1291, 1292, and 1294. The Commission cannot be charged court costs in these proceedings in the Supreme Court or other courts. Federal and territorial district courts also have jurisdiction over antifraud claims the Commission or the United States brings when either (1) conduct inside the United States takes significant steps toward the violation, even if the securities trade happened abroad and involved only foreign investors, or (2) conduct outside the United States is likely to have a substantial effect here.