Study on Extraterritorial Private Rights of Action

Section 929Y of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act') directs the Securities and Exchange Commission (the "Commission') to solicit public comment and thereafter conduct a study to determine the extent to which private rights of action under the antifraud provisions of the Securities Exchange Act of 1934 (the "Exchange Act') should be extended to cover transnational securities fraud. The Commission is soliciting comment on this question and on related questions.