The SEC's Enforcement Action Against Ripple -
In December 2020, the SEC commenced an enforcement action against Ripple and two of its senior executives alleging that the defendants violated Section 5 of the Securities Act...more
4/1/2022
/ Aiding and Abetting ,
Digital Assets ,
Enforcement Actions ,
Extraterritoriality Rules ,
Fair-Notice Standard ,
Financial Markets ,
Investment ,
Ripple ,
Section 5 ,
Securities Act of 1933 ,
Securities Litigation ,
Securities Transactions ,
Securities Violations ,
Unregistered Securities
The Underlying Dispute The dispute giving rise to the Second Circuit's decision began with a trademark infringement suit filed by Nike in 2013 against several hundred Chinese retailers for selling counterfeit Nike products on...more
9/20/2021
/ Asset Freeze ,
China ,
Contempt ,
Counterfeit Goods Regulation ,
Default Judgment ,
Extraterritoriality Rules ,
Financial Transactions ,
Foreign Banks ,
Nike ,
Restraining Orders ,
Retail Market ,
Sanctions ,
Separate Entity Rule ,
Trademark Infringement
The Situation: In 2010, in Morrison v. National Australia Bank Ltd., the Supreme Court held that Section 10(b) of the Securities Exchange Act of 1934 applies to (i) "transactions in securities listed on domestic exchanges";...more
The Situation: Since the Supreme Court decided Morrison v. National Australia Bank Ltd. ("Morrison") in 2010 and rejected the Second Circuit's "conduct and effects test," the Second Circuit has grappled with the issue of...more
10/9/2019
/ CFTC ,
Commodities Traders ,
Cross-Border Transactions ,
Derivatives ,
Dodd-Frank ,
Domestic Securities Transaction ,
Domestic Transactions ,
Extraterritoriality Rules ,
Fraudulent Transfers ,
Regulatory Requirements ,
Rule 10(b) ,
Securities ,
Securities Exchange Act ,
Securities Traders
The Situation: The U.S. Court of Appeals for the Tenth Circuit recently addressed the issue of whether the antifraud provisions of the federal securities laws apply extraterritorially in enforcement actions commenced by the...more
2/25/2019
/ Conduct and Effects Test ,
Corporate Counsel ,
Dodd-Frank ,
Enforcement Actions ,
Extraterritoriality Rules ,
Jurisdiction ,
Morrison v National Australia Bank ,
Ponzi Scheme ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations
The Situation: The Second Circuit has issued two decisions in recent months that have addressed whether the U.S. securities and/or commodities laws can be applied to transactions with significant foreign ties. Each of these...more