(a) Notwithstanding any other Commission rule or regulation, the antifraud provisions of the securities laws apply to:

1. (1) Conduct within the United States that constitutes significant steps in furtherance of the violation; or
2. (2) Conduct occurring outside the United States that has a foreseeable substantial effect within the United States.

(b) The antifraud provisions of the securities laws apply to conduct described in paragraph (a)(1) of this section even if:

1. (1) The violation relates to a securities transaction or securities transactions occurring outside the United States that involves only foreign investors; or
2. (2) The violation is committed by a foreign adviser and involves only foreign investors.