United States v Vilar: new limits on extraterritorial securities enforcement
In United States v Vilar, the Second Circuit Court of Appeals has offered another data point in the federal courts’ ongoing efforts to define the extraterritorial reach of the federal securities laws.
Although regulators are expected to argue that Vilar has limited application, the Second Circuit has, in fact, curtailed efforts to extend criminal liability to the extraterritorial purchase or sale of securities.
In Vilar, decided on 30 August, the Second Circuit applied the ‘presumption against extraterritoriality’ to claims of criminal liability under Section 10(b) of the Securities Exchange Act. In doing so, the Second Circuit expressly extended the Supreme Court’s 2010 decision in Morrison v National Australia Bank Ltd — a civil case in which the court barred federal fraud suits by foreign investors over foreign-traded securities — to criminal actions brought by the Department of Justice…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The Australian Securities and Investments Commission (ASIC) has announced that its new $43.7m next-generation market surveillance system has become operational.
In this briefing, DLA Piper sets out a summary of key items of interest announced by the chancellor in the UK Autumn Statement.
Analysis from The Lawyer
The Lawyer’s latest Top 50 litigation firms list shows that business for dispute specialists is roaring along while new in-depth detail reveals the winning strategies
Our list of the summer’s big deals shows how London law firms kept busy with work from Asia as well as more familiar sources