In Morrison v.National Australia Bank Ltd.referenced in the text,the U.S Supreme Court held that Section 10(b)of the 1934 Act and SEC Rule 10b-5 apply to any company that trades on the NY Stock Exchange.

Question

Quizplus · Accepted Answer

The U.S Supreme Court held in Morrison v. National Australia Bank Ltd. that Section 10(b) of the 1934 Act and SEC Rule 10b-5 apply only to transactions on a U.S. exchange or other domestic transactions. This means that these provisions do not apply to transactions conducted on foreign exchanges or that involve only foreign investors.

In Morrison V