By Mathews R. de Carvalho*
When does the use of the Exchange Act cross the line into forbidden extraterritoriality? In this contribution, Mathews R. de Carvalho (’19) examines recent federal court decisions which try to develop a body of law under which Section 10(b) might be applied to parties outside the United States without contravening the presumption against extraterritoriality. This Contribution argues that one approach taken by circuit courts – the irrevocable liability test – represents the most faithful application of the Supreme Court’s dictates in Morrison v. National Australia Bank Ltd.