Page:United States Statutes at Large Volume 104 Part 1.djvu/978

 104 STAT. 944 PUBLIC LAW 101-429—OCT. 15, 1990 ble or contrary to the public interest. A temporary order shall become effective upon service upon the respondent and, unless set aside, limited, or suspended by the Commission or a court of competent jurisdiction, shall remain effective and enforceable pending the completion of the proceedings. "(B) APPLICABILITY. —T his paragraph shall apply only to a respondent that acts, or, at the time of the alleged misconduct acted, as a broker, dealer, investment adviser, investment company, municipal securities dealer, government securities broker, government securities dealer, or transfer agent, or is, or was at the time of the alleged misconduct, an associated person of, or a person seeking to become associated with, any of the foregoing. "(4) REVIEW OF TEMPORARY ORDERS.— "(A) COMMISSION REVIEW.— At any time after the respondent has been served with a temporary cease-and-desist order pursuant to paragraph (3), the respondent may apply to the Commission to have the order set aside, limited, or suspended. If the respondent has been served with a temporary cease-and-desist order entered without a prior Commission hearing, the respondent may, within 10 days after the date on which the order was served, request a hearing on such application and the Commission shall hold a hearing and render a decision on such application at the earliest possible time. " (B) JUDICIAL REVIEW.—Within— "(i) 10 days after the date the respondent was served with a temporary cease-and-desist order entered with a prior Commission hearing, or "(ii) 10 days after the Commission renders a decision on an application and hearing under subparagraph (A), with respect to any temporary cease-and-desist order entered without a prior Commission hearing, the respondent may apply to the United States district court for the district in which the respondent resides or has its principal place of business, or for the District of Columbia, for an order setting aside, limiting, or suspending the effectiveness or enforcement of the order, and the court shall have jurisdiction to enter such an order. A respondent served with a temporary cease-and-desist order entered without a prior Commission hearing may not apply to the court except after hearing and decision by the Commission on the respondent's application under subparagraph (A) of this paragraph. "(C) No AUTOMATIC STAY OF TEMPORARY ORDER. —The commencement of proceedings under subparagraph (B) of this paragraph shall not, unless specifically ordered by the court, operate as a stay of the Commission's order. "(D) EXCLUSIVE REVIEW.— Section 43 of this title shall not' apply to a temporary order entered pursuant to this section. "(5) AUTHORITY TO ENTER AN ORDER REQUIRING AN ACCOUNT- ING AND DISGORGEMENT.— In any cease-and-desist proceeding under subsection (fKD, the Commission may enter an order requiring accounting and disgorgement, including reasonable interest. The Commission is authorized to adopt rules, regulations, and orders concerning payments to investors, rates of

�