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Harmony and Dissonance in Extraterritorial Regulation


Hannah L. Buxbaum


Indiana University Bloomington Maurer School of Law

George T. Conway III


Wachtell, Lipton, Rosen & Katz

William S. Dodge


University of California Hastings College of the Law

Austen Parrish


Indiana Univerity Maurer School of Law

May 12, 2011

American Society of International Law 105th Annual Meeting Proceedings, 2011
Indiana Legal Studies Research Paper No. 219

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.

Number of Pages in PDF File: 20

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

JEL Classification: K22, K33, K41

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Date posted: May 14, 2011 ; Last revised: July 12, 2013

Suggested Citation

Buxbaum, Hannah L. and Conway, George T. and Dodge, William S. and Parrish, Austen, 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: http://ssrn.com/abstract=1839653

Contact Information

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 III
Wachtell, Lipton, Rosen & Katz ( email )
51 West 52nd Street
New York, NY 10019
United States
William S. Dodge
University of California Hastings College of the Law ( email )
200 McAllister Street
San Francisco, CA 94102
United States
415-565-4830 (Phone)
415-565-4865 (Fax)

Austen L. Parrish
Indiana Univerity Maurer School of Law ( email )
211 S. Indiana Avenue
Bloomington, IN 47405
United States
HOME PAGE: http://www.law.indiana.edu/
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