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
DLA Piper has released Issue 15 of its Real Estate Gazette, which focuses on the topic of sustainability.
Franchise systems have been, and continue to be, sought-after investment and acquisition targets.
Analysis from The Lawyer
The fragile refinance market is back in rude health and US-style alternative lenders are stepping up with innovative structures to sustain the recovery
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