...reach. The Supreme Court’s decision in Morrison v. National Australia Bank, 130 S. Ct. 2869 (2010), confirms the distinction between substantive statutes to which the presumption against
extraterritoriality applies and jurisdictional statutes to which it does not. In Morrison, the Court used the presumption to limit a substantive provision of the Securities Exchange Act, finding “no affirmative indication in the Exchange Act that § 10(b) applies
extraterritorially.” Id. at 2883. But notably, the Court did not apply the presumption against
extraterritoriality to the Exchange Act’s jurisdictional provision. To the contrary,...