{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/bright-line-rule",
 "identifier": "kaal:entity:bright-line-rule",
 "name": "Bright line rule",
 "termCode": "bright-line-rule",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "sha256": "60e92af03a044f07264ccec87ea00dbe0d583787b34ea16a4790bcd41d143f4c",
 "additionalProperty": [
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   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
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   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 2
  },
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   "name": "work_count",
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  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2010",
    "2011"
   ]
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  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-003",
   "identifier": "kaal:claim:1664809-003",
   "text": "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.",
   "abstract": "Circuit was too unpredictable. A clear rule focused on the location",
   "citation": "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",
   "datePublished": "2010",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "cases where the location of conduct and the location of the transaction diverge"
   ],
   "source_pdf_sha256": "2d5c8c30f969f8eb613bfa1fe6888a7cfa1a452e1027bcda0489618ceac62c20",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1765901-018",
   "identifier": "kaal:claim:1765901-018",
   "text": "For exchange traded securities, the location of the exchange rather than the location of the plaintiff's broker should be the controlling factor under Morrison, although it is uncertain whether all courts will adopt this bright line test.",
   "abstract": "location of the exchange, not the location of the plaintiff's broker, should be the controlling factor, but it remains to be seen whether this bright line test will in fact be the rule adopted by all courts.",
   "citation": "Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901",
   "datePublished": "2011",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "exchange traded securities",
    "claims analyzed under Morrison"
   ],
   "source_pdf_sha256": "7b08b8a15f7d72b4eeed41be2d17c20428cb4727269077a6575c5d22e31ecdc5",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'bright-line-rule'. Derived node: a roster, not an adjudicated definition."
}