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Title 15, Commerce and TradeRelease 119-73not60

§80b–13 Court Review of Orders

Title 15 › Chapter 2D— INVESTMENT COMPANIES AND ADVISERS › Subchapter II— INVESTMENT ADVISERS › § 80b–13

Last updated Apr 3, 2026|Official source

Summary

Anyone harmed by a Commission order can ask a U.S. court of appeals to review it. They must file a written petition in the court where they live, where their main office is, or in the D.C. Circuit within 60 days after the order. The court clerk sends a copy to the Commission, and the Commission must file the case record under section 2112 of title 28. After the petition and record are filed, that court alone can confirm, change, or cancel the order. The court usually won’t hear objections that were not raised before the Commission unless there was a good reason. The Commission’s factual findings must stand if supported by substantial evidence. The court may allow new evidence if it is important and there was a good reason it wasn’t offered earlier; the Commission can take that evidence, revise its findings, and file the changes with the court. The court’s decision is final unless the Supreme Court reviews it under section 1254 of title 28. Starting the court case does not automatically stop the Commission’s order unless the court orders a stay.

Full Legal Text

Title 15, §80b–13

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 office or 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) shall not, unless specifically ordered by the court, operate as a stay of the Commission’s order.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Subsec. (a). Pub. L. 111–203 substituted “principal office or place of business” for “principal place of business”. 1987—Subsec. (a). Pub. L. 100–181 substituted “section 1254 of title 28” for “section 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”.

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 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. § 80b–13

Title 15, Commerce and Trade

Last Updated

Apr 3, 2026

Release point: 119-73not60