19. See Walter B. Wriston, The Twilight of Sovereignty (1992) (examining the challenges to sovereignty posed by the information revolution): Technology has made us a "global" community in the literal sense of the word Whether we are ready or not, mankind now has a completely integrated international financial and information marketplace capable of moving money and ideas to any place on this planet in minutes. Capital will go where it is wanted and stay where it is well treated. It will flee from manipulation or onerous regulation of its value or use, and no government power can restrain it for long. Id. at 61-62. For example, the Securities and Exchange Commission has taken the position that securities offerings "that occur outside the United States" are not subject to the registration requirements of Section 5 of the Securities Act of 1933, even if United States residents are the purchasers in the overseas market. See SEC Rule 90; see also Rule 903 (in order for offers and sales to be deemed to "occur outside the United States," there must be, inter alia, "no directed selling efforts . . . made in the United States"); Rule 902(b)(1) (defining "directed selling efforts" as "any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States" for the securities in question). If, as many predict, trading on physical exchanges increasingly gives way to computerized trading over the Net, see, e.g., Therese H. Maynard, What is an Exchange': Proprietary Electronic Securities Trading Systems and the Statutory Definition of an Exchange, 49 WASH. & LEE L. REV. 833, 362 (1992), Lewis D. Solomon and Louise Corso, the Impact of Technology on the Trading of Securities, 24 JOHN MARSHALL L. REV. 299, 318-319 (1991), this rule will inevitably become increasingly difficult to apply on a coherent basis; where, in such a market, does the offer "occur"? Can information about the offering placed on the World Wide Web "reasonably be expected to have the effect of conditioning the market in the United States" for the securities in question? See, generally, Solomon and Corso, op. cit., at 330. [The authors wish to thank Prof. Merritt Fox, whose talk, entitled The Political Economy of Statutory Reach: US Disclosure Rules for a Globalizing Market for Securities (Georgetown University Law Center, March 6,1996) drew our attention to these questions in this context].