Throughout the week over at Securities Docket, I highlight the most interesting columns and blog posts from around the web on the subjects of SEC enforcement and securities litigation. Here is a digest of my picks for the week ending July 2:

When a Rose is not a Rose but an FCPA Violation

FCPA Compliance and Ethics Blog | Thomas Fox | Jul 2, 2010

The Veraz case does provide direct and clear guidance in one area which has not been previously explored. It appears that a company should absolutely refrain from giving flowers to the wife of a company’s CEO. In other words, do not make the call to the florist and remember sometimes a rose is not just a rose especially when it comes to FCPA enforcement.

Supreme Court Nominee Elena Kagan and Institutional Investors

pomtalk | Jay Dean | Jun 29, 2010

On Monday, the Senate Judiciary Committee opened its hearings on Supreme Court nominee Elena Kagan. So what? Everybody knows the solicitor general is magna cum laude from Harvard Law, clerked for Justice Marhshall, taught law at Chicago, was a poicy adviser in the Clinton administration, became a professor and then dean of Harvard Law, and considers a pre-eminent Israeli jurist as her role model. And she's young. But what's in it for institutional investors?

Foreign-Cubed Class Actions: The End of an Endangered Species

Class Action Countermeasures | Andrew Trask | Jun 29, 2010

Last Thursday, in Morrison v. National Australia Bank (slip op.), the Supreme Court held 8-0 (Sotomayor, J. not participating) that “foreign-cubed” class actions (where the plaintiff, the defendant, and the sale of the security are all located outside the US) did not have sufficient ties to the United States to justify invoking US securities laws. The bulk of Justice Scalia’s majority opinion focused on the question of when one could presume that a law would apply outside the US. (The “presumption of extraterritoriality.”) As a statement of how the US will treat cases that may have international application, this is an important opinion. But, for most class-action practitioners, I think it will prove more just a footnote.

More Thoughts About Morrison v. National Australia Bank

The D&O Diary | Kevin LaCroix | Jun 28, 2010

It was obvious from the first reading that the U.S. Supreme Court’s decision in Morrison v. National Australia Bank represents a sweeping victory for the defendants. As I noted in my initial post after the decision came down, the Court’s holding that plaintiffs can’t pursue fraud claims for securities purchased on foreign exchanges will have a significant impact both on pending cases and on future filings. On further reflection, it seems the case could have even more significant implications.