79 FR 47372, Aug. 12, 2014, unless otherwise noted.
(a) Notwithstanding any other Commission rule or regulation, the antifraud provisions of the securities laws apply to:
(1) Conduct within the United States that constitutes significant steps in furtherance of the violation; or
(2) Conduct occurring outside the United States that has a foreseeable substantial effect within the United States.
(b) The antifraud provisions of the securities laws apply to conduct described in paragraph (a)(1) of this section even if:
(1) The violation relates to a securities transaction or securities transactions occurring outside the United States that involves only foreign investors; or
(2) The violation is committed by a foreign adviser and involves only foreign investors.
(c) Violations of the antifraud provisions of the securities laws described in this section may be pursued in judicial proceedings brought by the Commission or the United States.