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Title 15 — Commerce and TradeRelease 119-73not60

§78aa Jurisdiction of Offenses and Suits

Title 15 › Chapter 2B— SECURITIES EXCHANGES › § 78aa

Last updated Apr 3, 2026|Official source

Summary

Gives federal district courts and U.S. territorial courts the sole power to handle crimes and civil cases under this chapter and its rules. Criminal cases can be started where the wrongful act happened. Civil enforcement suits can be started where the wrong happened or where the defendant is found, lives, or does business, and the defendant can be served in any district where they live or are found. When the Commission brings a case in a U.S. district court, its subpoenas for witnesses or documents can be served anywhere in the United States, and Federal Rule 45(c)(3)(A)(ii) does not apply to those subpoenas. Court decisions can be reviewed under 28 U.S.C. sections 1254, 1291, 1292, and 1294, and the Commission cannot be charged court costs in the Supreme Court or similar courts. The courts also have power over antifraud cases brought by the Commission or the United States when (1) important steps toward the fraud happened in the United States even if the actual securities deal was abroad with only foreign investors, or (2) the conduct happened outside the United States but had a foreseeable substantial effect within the United States.

Full Legal Text

Title 15, §78aa

Commerce and Trade — Source: USLM XML via OLRC

(a)The district courts of the United States and the United States courts of any Territory or other place subject to the jurisdiction of the United States shall have exclusive jurisdiction of violations of this chapter or the rules and regulations thereunder, and of all suits in equity and actions at law brought to enforce any liability or duty created by this chapter or the rules and regulations thereunder. Any criminal proceeding may be brought in the district wherein any act or transaction constituting the violation occurred. Any suit or action to enforce any liability or duty created by this chapter or rules and regulations thereunder, or to enjoin any violation of such chapter or rules and regulations, may be brought in any such district or in the district wherein the defendant is found or is an inhabitant or transacts business, 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 chapter 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 section 1254, 1291, 1292, and 1294 of title 28. No costs shall be assessed for or against the Commission in any proceeding under this chapter brought by or against it in the Supreme Court or such other courts.
(b)The district courts of the United States and the United States courts of any Territory shall have jurisdiction of an action or proceeding brought or instituted by the Commission or the United States alleging a violation of the antifraud provisions of this chapter involving—
(1)conduct within the United States that constitutes significant steps in furtherance of the violation, even if the securities transaction occurs outside the United States and involves only foreign investors; or
(2)conduct occurring outside the United States that has a foreseeable substantial effect within the United States.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in text, was in the original “this title”. See

References in Text

note set out under section 78a of this title. The Federal Rules of Civil Procedure, referred to in subsec. (a), are set out in the Appendix to Title 28, Judiciary and Judicial Procedure. Codification As originally enacted section contained references to the Supreme Court of the District of Columbia. Act
June 25, 1936, substituted “the district court of the United States for the District of Columbia” for “the Supreme Court of the District of Columbia”, and act
June 25, 1948, as amended by act
May 24, 1949, substituted “United States District Court for the District of Columbia” for “district court of the United States for the District of Columbia”. Pub. L. 100–181 struck out reference to the United States District Court for the District of Columbia. Previously, such words had been editorially eliminated as superfluous in view of section 132(a) of Title 28, Judiciary and Judicial Procedure, which provides that “There shall be in each judicial district a district court which shall be a court of record known as the United States District Court for the district”, and section 88 of Title 28 which provides that “the District of Columbia constitutes one judicial district”.

Amendments

2010—Pub. L. 111–203, § 929P(b)(2), designated existing provisions as subsec. (a), inserted heading, and added subsec. (b). Pub. L. 111–203, § 929E(b), inserted “In any action or proceeding instituted by the Commission under this chapter 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.” after “defendant may be found.” 1987—Pub. L. 100–181 struck out “, the United States District Court for the District of Columbia,” after “district courts of the United States” and substituted “section 1254, 1291, 1292, and 1294 of title 28” for “section 128 and 240 of the Judicial Code, as amended (U.S.C., title 28, secs. 225 and 347)”. See Codification note above.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment 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.

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.

Reference

Citations & Metadata

Citation

15 U.S.C. § 78aa

Title 15 — Commerce and Trade

Last Updated

Apr 3, 2026

Release point: 119-73not60