Absolute Activitist Decision Delineates Extraterritorial Reach of U.S. Securities Law

Simon Riveles Hedge Funds, Off-Shore Fund, Uncategorized

In 2010, the Supreme Court addressed whether the securities laws apply extra-territorially to transactions in foreign securities of foreign issuers by foreign investors. In what are known as the “F-Cubed” cases, the court held that the anti-fraud provisions of the Securities and Exchange Act of 1934 did not apply to the foregoing types of transactions but only to “domestic transactions” which it defined to be …