# kaal:claim:1664809-003

**Claim.** 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.

**Type.** failure  **Support.** argued

**Holds when.**

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

**Source quote.**

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

**From.** 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, page 2

**Cite as.** 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

**Verify.** sha256 of source PDF `2d5c8c30f969f8eb613bfa1fe6888a7cfa1a452e1027bcda0489618ceac62c20` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Painter%20and%20Kaal%20-%202010%20-%20Extraterritorial%20Application%20of%20US%20Securities%20Law%20%E2%80%93%20Will%20the%20US%20Become%20the%20Default%20Jurisdiction%20for.pdf

**Failure mode.** unpredictable-jurisdictional-test  (family: jurisdictional-conflict)

**Topics.** law-and-legal-systems

**Keywords.** conduct-and-effects-test, predictability, bright-line-rule, jurisdiction, second-circuit

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/1765901-002

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.