United States antifraud jurisdiction over transnational securities transactions: merger of the conduct and effects tests

Article Abstract:

The US Court of Appeals for the 2d Circuit's decision in Itoba Ltd. v. Lep Group marks the first time a US appellate court ruled that subject matter jurisdiction in international securities fraud cases should be decided by taking parts of both the conduct and effects tests together. Although it seems to materially change the law, Itoba is also part of a natural development growing out of increasing judicial experience with this part of the law. Corporate activities which might meet the Itoba conduct-effects test are listed.

United States, Cases, Laws, regulations and rules, International aspects, Foreign corporations, Securities fraud, Personal jurisdiction

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Order from disorder: the development of the Russian securities markets

Article Abstract:

Russia's attempt to develop a securities market has been hindered by several problems. Privatization through voucher auctions stimulated the process, but did not change Soviet-style management, which has discouraged participation by investors. Lack of a secondary trading market has discouraged capital market development. Compliance with legal reforms requiring information disclosure has been avoided. However, brokers and companies are beginning to take steps to regulate the market themselves and find solutions.

Stock-exchange, Stock exchanges, Capital market, Capital markets

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Culture, chaos and capitalism: privatization in Kazakhstan

Article Abstract:

Kazakhstan, which acquired independence after the breakup of the Soviet Union, offers an opportunity to assess efforts to bring privatization to a command economy. Privatization has hitherto not been the success many hoped for. Partly this is due to the Kazakh government's half-hearted reforms, which kept much of the economy under its control. Above all, privatization has stalled because of a failure to take the country's unique conditions into account.

Kazakhstan, Economic history

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