kaal:claim:1664809-003

The Second Circuit's conduct and effect test was too unpredictable, and a clear rule keyed to the location of the securities transaction would be more predictable for issuers and investors.

Circuit was too unpredictable. A clear rule focused on the location

Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010), 2. MORRISON V. NATIONAL AUSTRALIA BANK, p. 2
https://ssrn.com/abstract=1664809 · source PDF

Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809

• cases where the location of conduct and the location of the transaction diverge

failuresupport: arguedfailure: unpredictable-jurisdictional-testfamily: jurisdictional-conflictlaw-and-legal-systems

• restated_by kaal:claim:1765901-002 Before Morrison, U.S. courts refused to adopt a bright line rule for the extraterritorial reach of Section 10(...

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