Search
  Advanced Search
 
Journal search
Journal cover: Journal of Investment Compliance

Journal of Investment Compliance

ISSN: 1528-5812

Online from: 2000

Subject Area: Accounting and Finance

Content: Latest Issue | icon: RSS Latest Issue RSS | Previous Issues

 

Previous article.Icon: Print.Table of Contents.Next article.Icon: .

Supreme Court holds that §10(b) of the Exchange Act applies only to domestic securities transactions


Document Information:
Title:Supreme Court holds that §10(b) of the Exchange Act applies only to domestic securities transactions
Author(s):Harry Frischer, (Partner, at Proskauer Rose LLP, New York, New York, USA), Charles E. Dropkin, (Partner, at Proskauer Rose LLP, New York, New York, USA), Jennifer R. Scullion, (Partner, at Proskauer Rose LLP, New York, New York, USA), Richard L. Spinogatti, (Senior Counsel, at Proskauer Rose LLP, New York, New York, USA)
Citation:Harry Frischer, Charles E. Dropkin, Jennifer R. Scullion, Richard L. Spinogatti, (2010) "Supreme Court holds that §10(b) of the Exchange Act applies only to domestic securities transactions", Journal of Investment Compliance, Vol. 11 Iss: 4, pp.41 - 44
Keywords:Financial services, Legislation, Securities
Article type:Technical paper
DOI:10.1108/15285811011098965 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Acknowledgements:© 2010 Proskauer Rose LLP. All rights reserved.
Abstract:

Purpose – The purpose of this paper is to explain the June 24, 2010 decision of the US Supreme Court in Morrison v. National Australia Bank Ltd concerning the territorial scope of the Securities Exchange Act of 1934 (“Exchange Act”).

Design/methodology/approach – The paper describes the complaint, the reasoning of the earlier lower court decision, the reasoning of the Supreme Court decision, and the practical effects of the Supreme Court decision.

Findings – Addressing the territorial scope of the Exchange Act for the first time, the Court rejected the widely applied “conduct” and “effects” tests and instead prescribed a new “transactional” test. Finding no affirmative indication that §10(b) of the Act applies extraterritorially; the Court found that its application depends on whether the purchases and sales of securities were made specifically in the USA, and not upon the place where a deception may have originated.

Originality/value – The paper provides expert guidance from financial services lawyers.



Fulltext Options:

Login

Login

Existing customers: login
to access this document

Login


- Forgot password?
- Athens/Institutional login

Purchase

Purchase

Downloadable; Printable; Owned
HTML, PDF (53kb)

Pay-per-view is temporarily unavailable.

To purchase this item please login or register.

Login


- Forgot password?

Recommend to your librarian

Complete and print this form to request this document from your librarian


Marked list


Bookmark & share