> How do they get to pretend they are outside the SEC's jurisdiction?
The SEC only has jurisdiction over US securities activities. GS is capable of doing securities activities outside the US.
This sort of thing is not unique to securities.
Consider pharmacuticals. Certain drugs may only be dispensed in Japan under prescription while others are complete banned. Some of the former are over-the-counter in the US while some of the latter are prescription-only in the US. A Japanese pharmacutical company is bound by Japanese law wrt production in/export from Japan but is not bound by Japanese law wrt distributing drugs in the US, even if they were made in Japan.
