15 U.S.C. § 78y : US Code - Section 78Y: Court review of orders and rules

    (a) Final Commission orders; persons aggrieved; petition; record;
      findings; affirmance, modification, enforcement, or setting aside
      of orders; remand to adduce additional evidence
      (1) A person aggrieved by a final order of the Commission entered
    pursuant to this chapter may obtain review of the order in the
    United States Court of Appeals for the circuit in which he resides
    or has his principal place of business, or for the District of
    Columbia Circuit, by filing in such court, within sixty days after
    the entry of the order, a written petition requesting that the
    order be modified or set aside in whole or in part.
      (2) A copy of the petition shall be transmitted forthwith by the
    clerk of the court to a member of the Commission or an officer
    designated by the Commission for that purpose. Thereupon the
    Commission shall file in the court the record on which the order
    complained of is entered, as provided in section 2112 of title 28
    and the Federal Rules of Appellate Procedure.
      (3) On the filing of the petition, the court has jurisdiction,
    which becomes exclusive on the filing of the record, to affirm or
    modify and enforce or to set aside the order in whole or in part.
      (4) The findings of the Commission as to the facts, if supported
    by substantial evidence, are conclusive.
      (5) If either party applies to the court for leave to adduce
    additional evidence and shows to the satisfaction of the court that
    the additional evidence is material and that there was reasonable
    ground for failure to adduce it before the Commission, the court
    may remand the case to the Commission for further proceedings, in
    whatever manner and on whatever conditions the court considers
    appropriate. If the case is remanded to the Commission, it shall
    file in the court a supplemental record containing any new
    evidence, any further or modified findings, and any new order.
    (b) Commission rules; persons adversely affected; petition; record;
      affirmance, enforcement, or setting aside of rules; findings;
      transfer of proceedings
      (1) A person adversely affected by a rule of the Commission
    promulgated pursuant to section 78f, 78i(h)(2), 78k, 78k-1,
    78o(c)(5) or (6), 78o-3, 78q, 78q-1, or 78s of this title may
    obtain review of this rule in the United States Court of Appeals
    for the circuit in which he resides or has his principal place of
    business or for the District of Columbia Circuit, by filing in such
    court, within sixty days after the promulgation of the rule, a
    written petition requesting that the rule be set aside.
      (2) A copy of the petition shall be transmitted forthwith by the
    clerk of the court to a member of the Commission or an officer
    designated for that purpose. Thereupon, the Commission shall file
    in the court the rule under review and any documents referred to
    therein, the Commission's notice of proposed rulemaking and any
    documents referred to therein, all written submissions and the
    transcript of any oral presentations in the rulemaking, factual
    information not included in the foregoing that was considered by
    the Commission in the promulgation of the rule or proffered by the
    Commission as pertinent to the rule, the report of any advisory
    committee received or considered by the Commission in the
    rulemaking, and any other materials prescribed by the court.
      (3) On the filing of the petition, the court has jurisdiction,
    which becomes exclusive on the filing of the materials set forth in
    paragraph (2) of this subsection, to affirm and enforce or to set
    aside the rule.
      (4) The findings of the Commission as to the facts identified by
    the Commission as the basis, in whole or in part, of the rule, if
    supported by substantial evidence, are conclusive. The court shall
    affirm and enforce the rule unless the Commission's action in
    promulgating the rule is found to be arbitrary, capricious, an
    abuse of discretion, or otherwise not in accordance with law;
    contrary to constitutional right, power, privilege, or immunity; in
    excess of statutory jurisdiction, authority, or limitations, or
    short of statutory right; or without observance of procedure
    required by law.
      (5) If proceedings have been instituted under this subsection in
    two or more courts of appeals with respect to the same rule, the
    Commission shall file the materials set forth in paragraph (2) of
    this subsection in that court in which a proceeding was first
    instituted. The other courts shall thereupon transfer all such
    proceedings to the court in which the materials have been filed.
    For the convenience of the parties in the interest of justice that
    court may thereafter transfer all the proceedings to any other
    court of appeals.
    (c) Objections not urged before Commission; stay of orders and
      rules; transfer of enforcement or review proceedings
      (1) No objection to an order or rule of the Commission, for which
    review is sought under this section, may be considered by the court
    unless it was urged before the Commission or there was reasonable
    ground for failure to do so.
      (2) The filing of a petition under this section does not operate
    as a stay of the Commission's order or rule. Until the court's
    jurisdiction becomes exclusive, the Commission may stay its order
    or rule pending judicial review if it finds that justice so
    requires. After the filing of a petition under this section, the
    court, on whatever conditions may be required and to the extent
    necessary to prevent irreparable injury, may issue all necessary
    and appropriate process to stay the order or rule or to preserve
    status or rights pending its review; but (notwithstanding section
    705 of title 5) no such process may be issued by the court before
    the filing of the record or the materials set forth in subsection
    (b)(2) of this section unless: (A) the Commission has denied a stay
    or failed to grant requested relief, (B) a reasonable period has
    expired since the filing of an application for a stay without a
    decision by the Commission, or (C) there was reasonable ground for
    failure to apply to the Commission.
      (3) When the same order or rule is the subject of one or more
    petitions for review filed under this section and an action for
    enforcement filed in a district court of the United States under
    section 78u(d) or (e) of this title, that court in which the
    petition or the action is first filed has jurisdiction with respect
    to the order or rule to the exclusion of any other court, and
    thereupon all such proceedings shall be transferred to that court;
    but, for the convenience of the parties in the interest of justice,
    that court may thereafter transfer all the proceedings to any other
    court of appeals or district court of the United States, whether or
    not a petition for review or an action for enforcement was
    originally filed in the transferee court. The scope of review by a
    district court under section 78u(d) or (e) of this title is in all
    cases the same as by a court of appeals under this section.
    (d) Other appropriate regulatory agencies
      (1) For purposes of the preceding subsections of this section,
    the term "Commission" includes the agencies enumerated in section
    78c(a)(34) of this title insofar as such agencies are acting
    pursuant to this chapter and the Secretary of the Treasury insofar
    as he is acting pursuant to section 78o-5 of this title.
      (2) For purposes of subsection (a)(4) of this section and section
    706 of title 5, an order of the Commission pursuant to section
    78s(a) of this title denying registration to a clearing agency for
    which the Commission is not the appropriate regulatory agency or
    pursuant to section 78s(b) of this title disapproving a proposed
    rule change by such a clearing agency shall be deemed to be an
    order of the appropriate regulatory agency for such clearing agency
    insofar as such order was entered by reason of a determination by
    such appropriate regulatory agency pursuant to section 78s(a)(2)(C)
    or 78s(b)(4)(C) of this title that such registration or proposed
    rule change would be inconsistent with the safeguarding of
    securities or funds.