Prof. Arthur B. Laby

The Extraterritorial Application of U.S. Financial Services Regulation

The U.S. Securities and Exchange Commission seeks to regulate non-U.S. domiciled financial firms when U.S. investors’ interests are affected. In 2010, in Morrison v. National Australia Bank, the U.S. Supreme Court narrowed the circumstances when extraterritorial regulation is appropriate. Although most articles about the Morrison decision focus attention on when the SEC can sue non-U.S. firms for…