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Exporting US Corporate Governance

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EXPORTING U.S. CORPORATE GOVERNANCE STANDARDS THROUGH THE SARBANES-OXLEY ACT: UNILATERALISM OR COOPERATION? MINODORA D. VANCEA INTRODUCTION The United States’s assertion of prescriptive (or legislative) 1 extraterritorial jurisdiction has been the subject of ample criticism. 2 Extraterritorial jurisdiction, or simply extraterritoriality, is defined as the operation of a U.S. law so as to encompass activities where (1) the conduct at issue occurs within the U.S., but its effects take place abroad; (2) the conduct occurs abroad, but its effects take place in the U.S.; or (3) both the conduct and its effects occur abroad. 3 Category (1) does not attract criticism as the occurrence of conduct within the U.S. is an internationally acceptable basis for U.S. jurisdiction. 4 Copyright © 2003 by Minodora D. Vancea. 1. Three ty pes of jur isdict ion are re cogniz ed in conf lict of law s: jurisd iction to pr escribe law (legislative or prescriptive jurisdiction), jurisdiction to adjudicate (adjudicative jurisdiction), and jurisdiction to enforce judgments (enforcement jurisdiction). See RESTATEMENT (THIRD) OF THE FOREIGN RELATIONS LAW OF THE UNITED STATES pt. IV, introductory note, at 231 (1987) [hereinafter RESTATEMENT]. 2. See, e.g., Stephen J. Choi & Andrew T. Guzman, The Dangerous Extraterritoriality of American Securities Law , 17 NW. J. INT’L L. & BUS. 207 (1996); Michael Wallace Gordon, United States Extraterritorial Subject Matter Jurisdiction in Securities Fraud Litigation, 10 FLA. J. INT’L L. 487, 510–38 (1996); Note, Extraterritorial Application of the Export Administration Act of 1979 Under International and American Law, 81 MICH. L. REV. 1308, 1320 (1983). 3. Andreas Lowenfeld, International Litigation and the Quest for Reasonableness , 245 RECUEIL DES COURS 9, 43 (1994-I). This Note deals mainly with assertions of jurisdiction that fall under part (2) or (3) of the above definition. 4. See infra note 125 and accompanying text. Moreover, such extraterritoriality is rarely used. U.S. courts and enforcement agencies tend to be reluctant to use taxpayer money to punish conduct that only harms foreigners, as this fails to increase the agency’s institutional or political capital. Judge Bork doubted “that an American court should ever assert jurisdiction over domestic conduct that causes loss to foreign investors.” Zoelsch v. Arthur Andersen & Co., 824 F.2d 27, 32 (D.C. Cir. 1987); s ee also id. (“Congress was concerned with extraterritorial

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