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In Morrison v. National Australia Bank,1 the U.S. Supreme Court discarded over 40 years of precedent in the lower courts applying the conduct and effects test to cross-border disputes arising under Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act). The court substituted a new transactional test limiting Section 10(b) to frauds “in connection with the purchase or sale of a security listed on an American stock exchange, and the purchase or sale of any other security in the United States.”2 In cases involving securities not listed on an exchange, a U.S. Court of Appeals for the Second Circuit opinion has interpreted a domestic securities transaction as one “when the parties incur irrevocable liability to carry out the transaction within the United States or when title is passed within the United States.”3

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