News & Analysis as of September 25, 2024

Extraterritoriality Rules

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

First Circuit Adopts Prevailing Standard for Applicability of Federal Securities Laws to Foreign Investors, But Rejects Second...

Proskauer - Corporate Defense and Disputes on 5/11/2021

The U.S. Court of Appeals for the First Circuit held yesterday that the U.S. securities laws apply to foreign brokers’ solicitations of securities purchases by foreign investors if the purchasers or sellers incurred...more

Second Circuit Breathes New Life Into Conduct And Effects Test

Jones Day on 10/9/2019

The Situation: Since the Supreme Court decided Morrison v. National Australia Bank Ltd. ("Morrison") in 2010 and rejected the Second Circuit's "conduct and effects test," the Second Circuit has grappled with the issue of...more

Tenth Circuit Affirms Extraterritorial Reach of SEC Enforcement of the Federal Securities Laws

Mintz - Securities Litigation Viewpoints on 5/8/2019

In the Traffic Monsoon litigation, the U.S. Court of Appeals for the Tenth Circuit held that the enforcement provisions of the Securities Act and the Exchange Act reach Traffic Monsoon’s sales to customers outside of the...more

Tenth Circuit Holds Federal Securities Laws Apply Extraterritorially In Enforcement Actions

Jones Day on 2/25/2019

The Situation: The U.S. Court of Appeals for the Tenth Circuit recently addressed the issue of whether the antifraud provisions of the federal securities laws apply extraterritorially in enforcement actions commenced by the...more

Tenth Circuit Holds That Dodd-Frank Act Granted SEC Extraterritorial Authority

A&O Shearman on 2/12/2019

On January 24, 2019, the United States Court of Appeals for the Tenth Circuit affirmed a decision by the United States District Court for the District of Utah holding that the Dodd-Frank Act of 2010 grants the Securities and...more

First Appellate Decision Holds that SEC Can Bring Extraterritorial Enforcement Action Based on Conduct or Effects in United States

Proskauer - Corporate Defense and Disputes on 1/25/2019

The Court of Appeals for the Tenth Circuit held today that the Securities and Exchange Commission may bring an enforcement action based on allegedly foreign securities transactions involving non-U.S. residents if sufficient...more

We Know What You Really Meant: Utah Court Holds that SEC Can Bring Extraterritorial Enforcement Action Based on Conduct or Effects...

Proskauer - Corporate Defense and Disputes on 4/6/2017

A federal court in Utah recently held that the Securities and Exchange Commission may bring an enforcement action based on allegedly foreign securities transactions involving non-U.S. residents if sufficient conduct occurred...more

The World in US Courts - Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities:...

Orrick, Herrington & Sutcliffe LLP on 9/5/2015

We are pleased to announce the Summer 2015 issue of The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law To Global Business and Cross-Border Activities. This issue discusses 13 new decisions that...more

Second Circuit Endorses Extraterritorial Limitation for Criminal Securities Fraud Prosecutions

Orrick, Herrington & Sutcliffe LLP on 9/17/2013

On August 30, 2013, the United States Court of Appeals for the Second Circuit handed down its decision in United States v. Vilar, which unequivocally limits the U.S. government’s ability to use Section 10(b) of the Securities...more

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