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Journal of Investment Compliance
ISSN: 1528-5812
Online from: 2000
Subject Area: Accounting and Finance
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Supreme Court holds that §10(b) of the Exchange Act applies only to domestic securities transactions
| 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. |
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