European Business Law Review

Volume 23 (2012)

Volume 23 (2012) / Issue 4

Milosz Morgut, 'Extraterritorial Application of U.S. Securities Law' (2012) 23 European Business Law Review, Issue 4, pp. 547–563


The globalization of securities industry resulted in many corporations deciding to cross-list on numerous exchanges and investors commonly trading on foreign markets. The multitude of overlapping regulatory regimes poses difficult questions not only for legal theorists but most importantly for the investors who seek remedies after suffering multibillion losses as a result of being deceived.

The paper discusses the U.S. Supreme Court decision in Morrison v. National Australia Bank which dramatically changed the way in which the US securities regulation applies to foreign claims. The analysis looks at the judgments of lower courts in order to establish the real scope of the decision. Bearing in mind the new landscape in international securities litigation, the available courses of action which can be still taken by injured investors are presented. Finally, the paper evaluates the overall decision and its effect, suggesting certain legislative changes.


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ISSN: 0959-6941
ID: EULR2012030