Study on the Cross-Border Scope of the Private Right of Action Under Section 10(b) of the Securities Exchange Act of 1934 As Required by Section 929Y of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

摘要

This study stems from two significant legal developments in the Summer of 2010 regarding the application of Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) to transnational securities frauds. Section 10(b) is an antifraud provision designed to combat a wide variety of manipulative and deceptive activities that can occur in connection with the purchase or sale of a security. The Securities and Exchange Commission (Commission) has civil enforcement authority under Section 10(b) and the Department of Justice (DOJ) has criminal enforcement authority. Further, injured investors can pursue a private right of action under Section 10(b); meritorious private actions have long been recognized as an important supplement to civil and criminal law-enforcement actions.