High Court considers extraterritorial application of compulsory powers

In the case of R (On The Application Of KBR Inc) v The Director of the Serious Fraud Office [2018] EWHC 2368 (Admin) (“KBR“), the High Court dismissed a judicial review brought by the applicant, finding that the SFO was able to compel the production of documents located outside the jurisdiction held by a foreign company. This is the first time that an English court has reasoned that compulsory disclosure powers exercisable by a UK criminal enforcement agency have extraterritorial application. Continue reading

US Federal Appeals Court limits extraterritorial application of anti-fraud provisions of US Federal commodities laws

The US Court of Appeals for the Second Circuit upheld a lower-court’s decision to dismiss a private civil action brought under the anti-fraud provisions of the U.S. Commodities Exchange Act (“CEA”), 7 U.S.C. § 1, et seq., by an investor against an international financial services organization, based in New York (that managed investment programs focused on commodity futures and real estate), several of its affiliates who were registered participants in the U.S. commodities markets, and two of its principals. Continue reading