# kaal:claim:1664809-008

**Claim.** Section 7216 of the Wall Street Reform and Consumer Protection Act of 2009 would extend federal antifraud jurisdiction to conduct within the United States constituting significant steps in furtherance of a violation, even when the securities transaction occurs abroad and involves only foreign investors.

**Type.** definitional  **Support.** asserted

**Holds when.**

- if section 7216 is enacted in the form introduced

**Source quote.**

> conduct within the United States that constitutes significant steps in furtherance of the violation, even if the securities transaction occurs outside the United States and

**From.** Richard W. Painter, Wulf A. Kaal, *Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for* (2010), 3. CONGRESS MAY SUBJECT NON-US SECURITIES TRANSACTIONS TO US SECURITIES LITIGATION, page 3

**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

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

**Keywords.** section-7216, significant-steps, extraterritorial-jurisdiction, antifraud-provisions, legislation

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