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Financial Regulation and SupervisionA post-crisis analysis$
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Eddy Wymeersch, Klaus J. Hopt, and Guido Ferrarini

Print publication date: 2012

Print ISBN-13: 9780199660902

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199660902.001.0001

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Extraterritorial Reach of the US Financial Laws

Extraterritorial Reach of the US Financial Laws

Chapter:
(p.445) 15 Extraterritorial Reach of the US Financial Laws
Source:
Financial Regulation and Supervision
Author(s):

James Cox

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199660902.003.0015

This chapter focuses on the international reach and jurisdiction of US Financial Laws with emphasis on anti-fraud provisions in private litigation. It analyses past cases that involve extraterritorial corporations outside the United States, such as the landmark Morrison v. Australia Bank Ltd. It analyses Morrison and describes how it extinguished two species of securities class-action claims that proliferated in preceding years: foreign-cubed claims and foreign-squared claims. The chapter also examines the process of inspecting foreigners by auditors of foreign issuers listed in the United States by the Public Company Accounting Oversight Board (PCAOB) and the extraterritorial scope of the whistleblower provision of the Sarbanes-Oxley Act. Furthermore, it looks into the jurisdiction of the US Foreign Corrupt Practices Act which was enacted to prohibit the widespread bribery of foreign officials by US corporations.

Keywords:   extraterritorial jurisdiction, US Financial Laws, anti-fraud, private litigation, Morrison v. Australian Bank Ltd., securities class-action claims, foreign-cubed, foreign-squared, Public Company Accounting Oversight Board

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