Harmony and Dissonance in Extraterritorial Regulation

American Society of International Law 105th Annual Meeting Proceedings, 2011

Indiana Legal Studies Research Paper No. 219

20 Pages Posted: 14 May 2011 Last revised: 12 Jul 2013

See all articles by Hannah L. Buxbaum

Hannah L. Buxbaum

Indiana University Bloomington Maurer School of Law

George T. Conway

Wachtell, Lipton, Rosen & Katz

William S. Dodge

University of California, Davis - School of Law

Austen Parrish

University of California, Irvine School of Law

Date Written: May 12, 2011

Abstract

This paper contains four comments that were delivered by a panel on extraterritorial regulation at the 2011 Annual Meeting of the American Society of International Law. The panelists took as their jumping-off point the 2010 decision in Morrison v. National Australia Bank, in which the Supreme Court addressed for the first time the extraterritorial application of the Securities Exchange Act’s anti-fraud provision. Discarding forty years’ worth of precedent developed in the lower courts, the Court held that Section 10(b) applied only to transactions taking place within the United States. The panelists discuss the case and its implications for cross-border securities litigation; the Court’s interpretation of the presumption against extraterritoriality and its consequences for effects-based regulation; and the role of international comity in global economic regulation.

Keywords: extraterritoriality, securities regulation, morrison, international comity, jurisdiction, effects, class action

JEL Classification: K22, K33, K41

Suggested Citation

Buxbaum, Hannah L. and Conway, George T. and Dodge, William S. and Parrish, Austen L., Harmony and Dissonance in Extraterritorial Regulation (May 12, 2011). American Society of International Law 105th Annual Meeting Proceedings, 2011, Indiana Legal Studies Research Paper No. 219, Available at SSRN: https://ssrn.com/abstract=1839653

Hannah L. Buxbaum (Contact Author)

Indiana University Bloomington Maurer School of Law ( email )

211 S. Indiana Avenue
Bloomington, IN 47405
United States

George T. Conway

Wachtell, Lipton, Rosen & Katz ( email )

51 West 52nd Street
New York, NY 10019
United States

William S. Dodge

University of California, Davis - School of Law ( email )

Martin Luther King, Jr. Hall
Davis, CA CA 95616-5201
United States

Austen L. Parrish

University of California, Irvine School of Law ( email )

401 E. Peltason Dr.
Ste. 1000
Irvine, CA 92697-1000
United States

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