Utah Court Bites Bullet With Dodd-Frank Jurisdiction Ruling

Law360, New York (April 13, 2017, 5:06 PM EDT) -- A federal court in Utah recently held that the U.S. Securities and Exchange Commission may bring an enforcement action based on allegedly foreign securities transactions involving non-U.S. residents if sufficient conduct occurred in the United States.[1] The March 28, 2017, ruling in SEC v. Traffic Monsoon LLC appears to be the first decision squarely resolving whether the Dodd-Frank Act succeeded in allowing the government to pursue such claims based on the location of the allegedly illegal conduct, rather than the location of the securities transactions at issue....

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