Section 929P(b) of the Act added language to the Securities Act and the Securities Exchange Act stating that the federal district courts “shall have jurisdiction of any action or proceeding brought or instituted by the [SEC] or the United States” alleging a securities-law violation involving:

• “conduct within the United States that constitutes significant steps in furtherance of the violation, even if the securities transaction occurs outside the United States and involves only foreign investors; or

• “conduct occurring outside the United States that has a foreseeable substantial effect within the United States” (emphasis added).

SEC Enforcement Actions: Conduct and Effects in the US