The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Mon, 17 Aug 2026 15:05:14 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.10 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Extraterritoriality After Dodd-Frank – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Extraterritoriality After Dodd-Frank https://corpgov.law.harvard.edu/2010/08/05/extraterritoriality-after-dodd-frank/?utm_source=rss&utm_medium=rss&utm_campaign=extraterritoriality-after-dodd-frank https://corpgov.law.harvard.edu/2010/08/05/extraterritoriality-after-dodd-frank/#comments Thu, 05 Aug 2010 12:58:18 +0000 http://blogs.law.harvard.edu/corpgov/?p=11705?d=20150120100913EST Posted by George T. Conway III, Wachtell, Lipton, Rosen & Katz, on Thursday, August 5, 2010
Editor's Note:

George Conway is partner in the Litigation Department at Wachtell, Lipton, Rosen & Katz. This post is based on a Wachtell Lipton firm memorandum by Mr. Conway. Other posts relating to the Dodd-Frank Act are available here.

As our memo of June 24 reported (available on the Forum here), the Supreme Court in Morrison v. National Australia Bank Ltd., No. 08-1191 (U.S. June 24, 2010), held that Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 do not apply to securities transactions that take place outside the United States. The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Obama today, contains two provisions, Sections 929P(b) and 929Y, that concern the territorial scope of the federal securities laws. But neither provision overturns National Australia Bank, and neither should extend the substantive reach of the securities laws extraterritorially at all.

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