
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC77v]

 
                      TITLE 15--COMMERCE AND TRADE
 
               CHAPTER 2A--SECURITIES AND TRUST INDENTURES
 
                    SUBCHAPTER I--DOMESTIC SECURITIES
 
Sec. 77v. Jurisdiction of offenses and suits


(a) Federal and State courts; venue; service of process; review; 
        removal; costs

    The district courts of the United States and the United States 
courts of any Territory shall have jurisdiction of offenses and 
violations under this subchapter and under the rules and regulations 
promulgated by the Commission in respect thereto, and, concurrent with 
State and Territorial courts, except as provided in section 77p of this 
title with respect to covered class actions, of all suits in equity and 
actions at law brought to enforce any liability or duty created by this 
subchapter. Any such suit or action may be brought in the district 
wherein the defendant is found or is an inhabitant or transacts 
business, or in the district where the offer or sale took place, if the 
defendant participated therein, 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. Judgments and decrees so rendered 
shall be subject to review as provided in sections 1254, 1291, 1292, and 
1294 of title 28. Except as provided in section 77p(c) of this title, no 
case arising under this subchapter and brought in any State court of 
competent jurisdiction shall be removed to any court of the United 
States. No costs shall be assessed for or against the Commission in any 
proceeding under this subchapter brought by or against it in the Supreme 
Court or such other courts.

(b) Contumacy or refusal to obey subpena; contempt

    In case of contumacy or refusal to obey a subpena issued to any 
person, any of the said United States courts, within the jurisdiction of 
which said person guilty of contumacy or refusal to obey is found or 
resides, upon application by the Commission may issue to such person an 
order requiring such person to appear before the Commission, or one of 
its examiners designated by it, there to produce documentary evidence if 
so ordered, or there to give evidence touching the matter in question; 
and any failure to obey such order of the court may be punished by said 
court as a contempt thereof.

(May 27, 1933, ch. 38, title I, Sec. 22, 48 Stat. 86; June 25, 1936, ch. 
804, 49 Stat. 1921; June 25, 1948, ch. 646, Sec. 32(b), 62 Stat. 991; 
May 24, 1949, ch. 139, Sec. 127, 63 Stat. 107; Aug. 10, 1954, ch. 667, 
title I, Sec. 11, 68 Stat. 686; Pub. L. 91-452, title II, Sec. 213, Oct. 
15, 1970, 84 Stat. 929; Pub. L. 100-181, title II, Sec. 209, Dec. 4, 
1987, 101 Stat. 1253; Pub. L. 105-353, title I, Sec. 101(a)(3), Nov. 3, 
1998, 112 Stat. 3230.)

                          Codification

    As originally enacted subsec. (a) 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 reference 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

    1998--Subsec. (a). Pub. L. 105-353 inserted ``except as provided in 
section 77p of this title with respect to covered class actions,'' after 
``Territorial courts,'' in first sentence and substituted ``Except as 
provided in section 77p(c) of this title, no case'' for ``No case'' in 
penultimate sentence.
    1987--Subsec. (a). Pub. L. 100-181 substituted ``United States and'' 
for ``United States, the'', struck out ``, and the United States 
District Court for the District of Columbia'' after ``Territory'', and 
substituted ``sections 1254, 1291, 1292, and 1294 of title 28'' for 
``sections 128 and 240 of the Judicial Code, as amended (U.S.C., title 
28, secs. 225 and 347)''. See Codification note above.
    1970--Subsec. (c). Pub. L. 91-452 struck out subsec. (c) which 
related to immunity from prosecution of any individual compelled to 
testify or produce evidence, documentary or otherwise, after claiming 
his privilege against self-incrimination.
    1954--Subsec. (a). Act Aug. 10, 1954, inserted ``offer or'' before 
``sale'' in second sentence.


                    Effective Date of 1998 Amendment

    Amendment by Pub. L. 105-353 not to affect or apply to any action 
commenced before and pending on Nov. 3, 1998, see section 101(c) of Pub. 
L. 105-353, set out as a note under section 77p of this title.


                    Effective Date of 1970 Amendment

    Amendment by Pub. L. 91-452 effective on sixtieth day following Oct. 
15, 1970, see section 260 of Pub. L. 91-452, set out as an Effective 
Date; Savings Provision note under section 6001 of Title 18, Crimes and 
Criminal Procedure.


                    Effective Date of 1954 Amendment

    Amendment by act Aug. 10, 1954, effective 60 days after Aug. 10, 
1954, see note under section 77b of this title.


                            Savings Provision

    Amendment by Pub. L. 91-452 not to affect any immunity to which any 
individual is entitled under this section by reason of any testimony 
given before the sixtieth day following Oct. 15, 1970, see section 260 
of Pub. L. 91-452, set out as an Effective Date; Savings Provision note 
under section 6001 of Title 18, Crimes and Criminal Procedure.

                          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, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 
1265, set out under section 78d of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 77t, 77uuu, 77vvv of this 
title; title 7 section 1932.
