The Securities Acts and International Discovery: The Hague Evidence Convention after Anschuetz and Messerschmitt Bolkow Blohm
![handle is hein.journals/sjilc12 and id is 612 raw text is: THE SECURITIES ACTS AND INTERNATIONAL
DISCOVERY: THE HAGUE EVIDENCE
CONVENTION AFTER ANSCHUETZ AND
MESSERSCHMITT BOLKOW BLOHM
I. INTRODUCTION
The Securities and Exchange Commission (Commission) is
currently considering various measures to accommodate the inter-
nationalization of the world's securities markets.' It is the opinion
of the Commission that the growing internationalization of the
American capital markets has made market surveillance, and se-
curities law enforcement, more difficult.2 In the words of the
Commission:
Because the Commission's investigative subpoena authority is
limited to United States citizens and persons within the United
States, it cannot compel testimony from non-United States citizens
located abroad. Further, because foreign law often does not allow
for any investigative or pretrial discovery, Commission efforts to
develop facts necessary to file a case where suspicious circum-
stances exist are often frustrated.3
The Commission's concerns appear to be attributable, at least
in part, to the Convention on the Taking of Evidence Abroad in
Civil and Commercial Matters (Hague Evidence Convention).4 The
court of appeals, however, has recently reviewed the Hague Evi-
dence Convention and found that it does not bar federal courts
from the enforcement of federal discovery rules when our courts
have appropriate jurisdiction.6
Under the Securities Act of 19336 and the Securities Exchange
Act of 1934,7 as they are currently understood, the federal courts
have jurisdiction over securities transactions that involve the use
1. See Request for Comments on Issues concerning Internationalization of the World
Securities Markets, Exchange Act Release No. 21958 [1985 Transfer Binder] FED. SEC. L.
REP. (CCH) P 83,759 at 87,383 (April 18, 1985) [hereinafter cited as Exchange Act Release
No. 21958].
2. Id. at 87,393.
3. Id.
4. See Convention on the Taking of Evidence Abroad in Civil and Commercial matters,
done March 18, 1970. 23 U.S.T. 2555, T.I.A.S. No. 7444, 847 U.N.T.S. 231 (effective October
7, 1972) [hereinafter cited as Hague Evidence Convention]. The convention was drafted by
nations desiring to improve mutual judicial co-operation in civil and commercial matters. Id.
5. See infra notes 20 - 38 and accompanying text.
6. See 15 U.S.C. § Y77(a) et seq (1982 & Supp. II 1984).
7. See 15 U.S.C. § Y78(a) et seq (1982 & Supp. II 1984).](ViewImageLocal?handle=hein.journals/sjilc12&div=33&collection=&method=preview&ext=.png&size=3)
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The Securities Acts and International Discovery: The Hague Evidence Convention after Anschuetz and Messerschmitt Bolkow Blohm
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