I don't know, but from what I've read online, "the antifraud provisions of the federal securities laws apply extraterritorially [...] when the conduct outside t

I don't know, but from what I've read online, "the antifraud provisions of the federal securities laws apply extraterritorially [...] when the conduct outside the United States had a substantial effect in the United States or upon United States citizens." [1]. Now, if MS receives a huge fine in Europe, it might have an influence on the stock, which might imply losses for US-based investors, and that should be sufficient. Source: [1] https://www.zuckermanlaw.com/sp_faq/sec-enforcement-actions-international-schemes/ https://www.zuckermanlaw.com/sp_faq/sec-enforcement-actions-...