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
Under the "discovery accrual rule" discovery of the injury starts the clock for statute of limitations purposes.
On February 28, 2019, the Second Circuit issued an important decision regarding the statute of limitations...more
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
2018 was an interesting year for market participants subject to the Commodity Exchange Act ("CEA"), with federal appellate courts issuing three noteworthy decisions involving claims under the CEA. The Commodity Futures...more
2/5/2019
/ CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Dodd-Frank ,
Enforcement Actions ,
Foreign Exchanges ,
Fraud ,
Insider Trading ,
Jurisdiction ,
Market Manipulation ,
Securities Exchange Act ,
Trial Court Orders
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