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''Securities and Exchange Commission v. Chenery Corporation'', 332 U.S. 194 (1947), is a United States Supreme Court case. It is often referred to as Chenery II. == Background == A federal water company was accused of illegal stock manipulation. The SEC was charged with deciding whether re-organization of companies that were in violation of the Public Utilities Company Holding Act was approved. The Chenerys were officers, directors, and shareholders of Federal Water Service Corporation. Originally, in the case called Chenery I, the company submitted a plan to the SEC, which the SEC did not approve. The reason that the SEC gave was that the plan violated certain standards of fraud. The first time this was heard before the Supreme Court in ''SEC v. Chenery Corporation'', 318 U.S. 80 (1943), the Court held that the acts committed by the company did not amount to common law fraud and therefore the Securities and Exchange Commission's stated rationale for the charges could not be sustained. On remand the SEC charged the company's officials on different grounds, under its own enabling act. The court used the case as an opportunity to discuss the merits of policy-making through adjudication and retroactive rule-making. The rejection again went before the Supreme Court as Chenery II. This time the Supreme Court upheld the rejection. The explanation given was that the rejection in Chenery I was on the basis of standards that had not actually existed. But the SEC was authorized to create its own standards in such cases, so long as it based the rejection on those standards. A court reviewing the SEC (or general agency) action would not approve it simply on the basis of the agency's authority, it had to be approved based on the rationale that the agency provided. Since the SEC was authorized to create its own standards, it was free to reject reorganization plans based on those standards - so long as that was the stated rationale of the SEC. Therefore, when the SEC, in Chenery II, explained that as the basis for their decision, it was upheld. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「SEC v. Chenery Corp. (1947)」の詳細全文を読む スポンサード リンク
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