PRIA Logo™
Title 15, Commerce and TradeRelease 119-102

§80a–42 Court Review of Orders

Title 15 › CHAPTER 2D — INVESTMENT COMPANIES AND ADVISERS › SUBCHAPTER I — INVESTMENT COMPANIES › § 80a–42

Last updated Aug 21, 2026|Official source

Summary

If a person or party is harmed by a Commission order, they can ask a U.S. Court of Appeals to review it. They must file a written request within 60 days in a circuit where they live or do business, or in the D.C. Circuit. The court clerk sends a copy to the Commission, which must file the case record. Once the record is filed, that court can keep, change, or cancel the order. The court will only hear objections that were raised before the Commission unless there was a good reason they were not. The Commission’s factual findings stand if supported by enough evidence. If the court allows new evidence because it is important and there was a good reason it wasn’t given earlier, it can order the Commission to take that evidence and update its findings. The court’s decision can be reviewed by the Supreme Court under section 1254 of title 28. If the order being appealed came under section 80a–8(e), filing for review automatically pauses the Commission’s order unless the court says otherwise; for other orders, the filing does not pause the order unless the court specifically orders a stay.

Full Legal Text

Title 15, §80a–42

Commerce and Trade, Source: USLM XML via OLRC

(a)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)The commencement of proceedings under subsection (a) to review an order of the Commission issued under section 80a–8(e) of this title shall operate as a stay of the Commission’s order unless the court otherwise orders. The commencement of proceedings under subsection (a) to review an order of the Commission issued under any provision of this subchapter other than section 80a–8(e) of this title shall not operate as a stay of the Commission’s order unless the court specifically so orders.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1970—Pub. L. 91–547 substituted reference to “section 1254” for “section 346 and 347” of title 28. 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, in third sentence, substituted “petition” for “transcript”, and “jurisdiction, which upon the filing of the record shall be exclusive” for “exclusive jurisdiction”.

Statutory Notes and Related Subsidiaries

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”.

Effective Date

of 1970 AmendmentAmendment by Pub. L. 91–547 effective Dec. 14, 1970, see section 30 of Pub. L. 91–547, set out as a note under section 80a–52 of this title.

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. § 80a–42

Title 15, Commerce and Trade

Last Updated

Aug 21, 2026

Release point: 119-102