Commercial Capital Corp. v. SECURITIES AND EXCHANGE COM'N, 15365.
| Decision Date | 02 May 1966 |
| Docket Number | No. 15365.,15365. |
| Citation | 360 F.2d 856 |
| Parties | COMMERCIAL CAPITAL CORPORATION, a corporation, G.N. Van Horn and Bert Chesnut, Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, Respondent. |
| Court | U.S. Court of Appeals — Seventh Circuit |
John J. Enright, Chicago, Ill., for petitioners, Arvey, Hodes & Mantynband, Chicago, Ill., of counsel.
Philip A. Loomis, Jr., Gen. Counsel, David Ferber, Sol., Securities and Exchange Commission, Martin D. Newman, Atty., Securities and Exchange Commission, Washington, D. C., for respondent.
Before DUFFY, SCHNACKENBERG and KNOCH, Circuit Judges.
Petitioners Van Horn and Chesnut appearing pursuant to subpoena, testified in a nonpublic investigation conducted by the Securities and Exchange Commission with respect to Commercial Capital Corporation and others.
Thereafter, on May 28, 1965, petitioners' attorney requested permission, pursuant to Rule 6 of the SEC's Rules Relating to Investigations (17 CFR § 203.6) to purchase copies of their transcripts from the official reporter.
On July 21, 1965, a letter was issued from the Securities and Exchange Commission bearing the signature of the Commission's secretary which stated in material part:
This is the "order" which petitioners seek to review.
Prior to oral argument, the Securities and Exchange Commission moved to dismiss the instant petition for review for lack of jurisdiction, claiming that the Commission's order was not reviewable. We ordered that the motion to dismiss be taken with the case. On oral argument, this point was argued as well as petitioners' contention that the manner in which the Commission refused to sell them a transcript of the investigative hearing, amounted to a denial of due process.
The Securities and Exchange Commission has broad authority to adopt rules and regulations necessary for the execution of it functions. The Commission has adopted a body of rules known as "Rules Relating to Investigations, 17 CFR 203.1, et seq." Rule 6 of these rules provides:
The provisions of the Administrative Procedure Act, 5 U.S.C. § 1001 et seq. also covers the activities of the Securities and Exchange Commission. Section 6(b) of that Act (5 U.S.C. § 1005(b)), provides in pertinent part:
"Every person...
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