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In the current era, the reliance on territorial factors in determining the scope of a
country's legislative jurisdiction has been called into question. This is due primarily to
the increasing complexity and diffusion of the transactions and events that trigger
jurisdictional inquiry. Regulators and courts must grapple not only with cross-border
transactions, or with acts of multinational enterprises, but also with events that can be
characterized as occurring nowhere (in cyberspace) or everywhere (on interconnected
global markets). The resulting gaps and overlaps in transnational regulation have led
scholars working in a variety of substantive areas to propose alternative methods of
regulating cross-border commerce-methods that reject territorial contacts as the basis
for allocating regulatory jurisdiction. For instance, in the area of securities regulation
1
Frederick A. Mann, The Doctrine of Jurisdiction in International Law, 111 RECUEIL DES COURS 1, 30 (1964-I)
and insolvency, some authors have advocated increased deference to party autonomy,
arguing that companies should be free to choose the