{"id":5091,"date":"2010-11-03T00:00:00","date_gmt":"2010-11-03T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2010\/11\/should_global_securities_fraud_1"},"modified":"2022-04-03T16:28:39","modified_gmt":"2022-04-03T21:28:39","slug":"should-global-securities-fraud-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/should-global-securities-fraud-1\/","title":{"rendered":"Should Global Securities Fraud Lawsuits By Private Litigants Be Allowed? The SEC Wants To Know"},"content":{"rendered":"

The Securities and Exchange Commission is seeking comments on whether amendments should be made to federal securities laws so that private litigants can file transnational securities fraud lawsuits<\/a>. Comments are welcomed until February 18, 2011. The SEC says to refer to File No. 4-617.<\/p>\n

In its request, the SEC points to the US Supreme Court’s ruling in Morrison v. National Australia Bank<\/em>. The decision placed significant limits on Section 10(b) antifraud proscriptions\u2019s extraterritorial reach. That said, Congress, through Dodd-Frank Wall Street Reform and Consumer Protection Act\u2019s Section 929Y, gave back to the government its ability to file transnational securities fraud<\/a> charges. It is under the new financial reform law that Congress has ordered the SEC to determine whether a private remedy should apply to just institutional investors or all private actors and\/or others.<\/p>\n

Included in what the study will analyze are how this right of action could impact international comity, the economic benefits and costs of extending such a private right of action, and whether there should be a narrow extraterritorial standard. The SEC also wants to know if it makes a difference whether:<\/p>\n

\u2022 The security was issued by a non-US company or a US firm.
\n\u2022 A firm\u2019s securities are traded only outside the country.
\n\u2022 The security was sold or bought on a foreign stock exchange or a non-exchange trading platform or another alternating trading system based abroad.<\/p>\n

Related Web Resources: <\/strong>
\nMorrison v. National Australia Bank <\/a>(PDF)<\/p>\n

US Securities and Exchange Commission <\/a><\/p>\n

Dodd-Frank Wall Street Reform and Consumer Protection Act<\/a>, SEC (PDF)<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission is seeking comments on whether amendments should be made to federal securities laws so that private litigants can file transnational securities fraud lawsuits. Comments are welcomed until February 18, 2011. The SEC says to refer to File No. 4-617. In its request, the SEC points to the US Supreme Court’s […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3761,3741],"tags":[],"class_list":["post-5091","post","type-post","status-publish","format-standard","hentry","category-securities-and-exchange-commis","category-securities-fraud"],"yoast_head":"\nShould Global Securities Fraud Lawsuits By Private Litigants Be Allowed? The SEC Wants To Know — Investor Lawyers Blog — November 3, 2010<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission is seeking comments on whether amendments should be made to federal securities laws so that private litigants can — November 3, 2010\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/should-global-securities-fraud-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Should Global Securities Fraud Lawsuits By Private Litigants Be Allowed? 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