American courts have held that U.S. security laws cannot be applied extraterritorially.

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U.S. courts have held that U.S. security laws can apply extraterritorially under certain conditions, especially if there is a significant connection to the U.S. or if fraudulent conduct has a substantial effect within the United States or upon U.S. citizens, as established in cases like Morrison v. National Australia Bank Ltd. and further clarified by the Dodd-Frank Act.

American Courts Have Held That U