Abstract

http://ssrn.com/abstract=2226440
 


 



Regulation of Global Financial Firms after Morrison v. National Australia Bank


Arthur B. Laby


Rutgers University School of Law - Camden

March 3, 2013

St. John's Law Review, Vol. 87, No. 2, 2013

Abstract:     
In 2010, the U.S. Supreme Court decided Morrison v. National Australia Bank Ltd., which rewrote the law of extraterritoriality, shattering decades of precedent. After Morrison was decided, Congress, the U.S. Securities and Exchange Commission, and commentators have focused on the case's enforcement implications. This Article is different. This Article focuses not on enforcement but rather on the regulatory implications of the decision, arguing that Morrison calls into question the SEC’s ability to regulate and require registration of non-U.S. domiciled firms. By asserting a strong presumption against extraterritorial application of the securities laws and invalidating the conduct and effects test, the Court overturned doctrines the SEC has relied on for many years when regulating non-U.S. domiciled broker-dealers and investment advisers. These regulatory implications are of paramount importance to the SEC’s regulatory program and to investor protection, but they have gone largely unnoticed in Morrison’s aftermath. The goal of this symposium contribution is to identify the regulatory implications and the challenges they pose.

Number of Pages in PDF File: 24

Keywords: securities regulation, broker-dealers, investment advisers, extraterritoriality, Securities and Exchange Commission

JEL Classification: K22, K23

Accepted Paper Series


Download This Paper

Date posted: March 1, 2013 ; Last revised: March 5, 2013

Suggested Citation

Laby, Arthur B., Regulation of Global Financial Firms after Morrison v. National Australia Bank (March 3, 2013). St. John's Law Review, Vol. 87, No. 2, 2013. Available at SSRN: http://ssrn.com/abstract=2226440

Contact Information

Arthur B. Laby (Contact Author)
Rutgers University School of Law - Camden ( email )
217 N. 5th Street
Camden, NJ 08102-1203
United States
856-225-6272 (Phone)
856-225-6516 (Fax)
Feedback to SSRN


Paper statistics
Abstract Views: 366
Downloads: 83
Download Rank: 170,687

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo3 in 0.875 seconds