# kaal:claim:2029983-010

**Claim.** Defined geographic borders for securities transactions, the overarching assumption behind Morrison, are an unstable basis for limiting the extraterritorial reach of either private litigation or government regulation.

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

**Holds when.**

- securities transactions whose location is contestable
- applies to both private suits and regulatory enforcement

**Source quote.**

> Defined geographic borders for securities transactions—the overarching assumption behind the Morrison decision—are an unstable basis for limiting the extraterritorial reach of both private litigation and government regulation.

**From.** Wulf A. Kaal, Richard W. Painter, *Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral* (2012), I.C. Bifurcated Jurisdictional Competition in Securities Law, page 19

**Cite as.** Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983

**Verify.** sha256 of source PDF `fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Painter%20-%202012%20-%20Forum%20Competition%20and%20Choice%20of%20Law%20Competition%20in%20Securities%20Law%20after%20Morrison%20v.%20National%20Austral.pdf

**Failure mode.** unstable-geographic-borders  (family: jurisdictional-conflict)

**Topics.** institutional-design

**Keywords.** morrison, territoriality, extraterritoriality, transactional-test

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