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The Collapsing Jurisdictional Boundaries of the Antifraud Provisions of the U.S. Securities Laws: The Supreme Court and Congress Ready to Redress Forty Years of Ambiguity


Daniel S. Kahn


affiliation not provided to SSRN

2010

New York University Journal of Law and Business, Vol. 6, No. 2, 2010

Abstract:     
The antifraud provisions of the U.S. securities laws have remained silent as to their extraterritorial reach since their enactment in the early 1930’s. In the absence of clear Congressional guidance, U.S. courts have struggled to determine when and to what extent there should be subject matter jurisdiction over predominantly foreign claims. Each Circuit that has addressed the issue has adopted some version of the “conduct test” established by the Second Circuit, but no version of this test has been applied consistently or without implicating serious foreign policy concerns. For the first time since the enactment of the securities laws, the Supreme Court has granted certiorari to address this issue. This article addresses the infirmities contained in current versions of the conduct test and concludes that the conduct test should include a reliance requirement that cannot be satisfied through the application of the fraud-on-the-market theory.

Number of Pages in PDF File: 62

Keywords: subject matter jurisdiction, foreign cubed, F-cubed, extraterritorial, conduct test, antifraud provisions, Morrison, NAB, National Australia Bank

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Date posted: February 10, 2010 ; Last revised: April 18, 2010

Suggested Citation

Kahn, Daniel S., The Collapsing Jurisdictional Boundaries of the Antifraud Provisions of the U.S. Securities Laws: The Supreme Court and Congress Ready to Redress Forty Years of Ambiguity (2010). New York University Journal of Law and Business, Vol. 6, No. 2, 2010. Available at SSRN: http://ssrn.com/abstract=1550338

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