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In the Courts
Second Circuit: Section 10(b) and Rule 10b-5 Do Not Apply to Extraterritorial
Securities Fraud
On Aug. 30, 2013, the United States Court of Appeals for the Second Circuit held in United States v. Vilar, — F.3d —, 2013 WL 4608948, *1 (2d Cir. Aug. 30, 2013) that criminal liability under the Securities fraud prohibitions of Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 does not extend to conduct relating to the extraterritorial purchase or sale of securities. The case is the latest in a series of decisions following Morrison v. National Australia Bank Ltd., in which the U.S. Supreme Court confirmed that U.S. securities fraud legislation only proscribed fraud in connection with “transactions in securities listed on domestic exchanges, and domestic transactions in other securities.” ”' U.S. ”', 130 S.Ct. 2869, 2884, 177 L.Ed.2d 535 (2010).
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