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Morrison v. National Australia Bank and the Future of Extraterritorial Application of the U.S. Securities Laws

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dc.contributor.author Beyea, Genevieve A.
dc.date.accessioned 2012-07-23T15:29:26Z
dc.date.available 2012-07-23T15:29:26Z
dc.date.issued 2011
dc.identifier.citation 72 Ohio St. L.J. 537 (2011). en_US
dc.identifier.uri http://hdl.handle.net/10601/1919
dc.description.abstract In recent years securities markets have become increasingly interconnected, and securities fraud frequently crosses borders. The United States' welldeveloped private enforcement mechanism for securities fraud is very attractive to investors around the world who are harmed by transnational securities fraud. However, the Supreme Court's recent decision in Morrison v. National Australia Bank, in overturning nearly fifty years offederal court jurisprudence, severely limits the ability of investors to rely on the U.S. securities laws to protect them when the relevant fraud has a significant overseas component. Replacing the Second Circuit 's long-standing conduct and effects tests for determining the extraterritorial reach of the securities laws, the Supreme Court articulated a new transactional test for when the laws apply. This Article analyzes the Supreme Court's opinion and its implications for the regulation of transnational securities fraud It also examines certain provisions of the Dodd-Frank Act which attempted to overturn the Supreme Court's decision as it applies to securities fraud enforcement actions brought by the Securities and Exchange Commission. Ultimately, this Article argues that the Morrison decision significantly curtails the extraterritorial application of the securities laws, which may harm investor confidence, at least in the short term. However, it also has the potential to encourage greater international cooperation in regulating transnational securities fraud, as well as catalyzing regulatory reform in other countries. en_US
dc.language.iso en_US en_US
dc.publisher Ohio State Law Journal
dc.relation.uri http://heinonline.org/HOL/Page?handle=hein.journals/ohslj72&collection=journals&index=journals/ohslj543&id=543
dc.relation.uri https://a.next.westlaw.com/Document/I85506973803b11e08b05fdf15589d8e8/View/FullText.html
dc.relation.uri https://advance.lexis.com/api/document/collection/analytical-materials/id/52W6-7K60-00CW-00NJ-00000-00?context=1000516
dc.subject Securities Fraud en_US
dc.subject Morrison v. National Australia Bank en_US
dc.subject Securities and Exchange Commission en_US
dc.subject Dodd-Frank Act en_US
dc.title Morrison v. National Australia Bank and the Future of Extraterritorial Application of the U.S. Securities Laws en_US
dc.type Article en_US

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