A foreign private issuer becomes exposed to liability under the US federal securities laws in a variety of ways when it offers or lists its securities in the US. This liability can be civil or, in certain circumstances, criminal. Although litigation by private plaintiffs is more common, the SEC (and, in the case of criminal matters, the US Department of Justice) can initiate lawsuits, administrative proceedings and investigations. We summarize below the key areas of liability.
March 01 2007