Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
US securities law liability for securities issuers outside of the United States in a post-Toshiba environment
United States | Publication | February 2020
Authors: Kevin Harnisch, Andrew Price, James Bateson and Patrick Doyle with Norton Rose Fulbright; and David Ho and Nepomuk Loesti with American International Group, Inc.
A recent decision from a US appellate court may change the way that non-US companies view the sale of their securities in the US. That case, Stoyas v. Toshiba Corp., found that a foreign issuer could be liable under US securities laws for a sale of its securities in the US, even if the company was not involved in the sale. This creates real risk for publicly-traded, non-US companies.
In the full white paper, we discuss:
- The recent decision in Toshiba and the circumstances under which US courts have decided that a foreign issuer can be held liable for transactions in its securities under US securities laws.
- Practical steps foreign issuers can take to mitigate exposure risk to US securities laws.
Recent publications
Publication
Singapore Court of Appeal rules on moratorium carve-outs and the interactions between arbitration and insolvency regimes
In Sapura Fabrication Sdn Bhd and others v GAS and anor appeal [2025] SGCA 13, the Singapore Court of Appeal made important findings
Publication
Do your tech and outsourcing contracts address cyber incidents?
Most incidents handled by our Norton Rose Fulbright cyber team originate from the customer’s service provider. In many cases it is the service provider’s systems, infrastructure and environment which proves to be the most vulnerable to cyber breaches and security issues.
Subscribe and stay up to date with the latest legal news, information and events . . .