Schedule of Classes
247.1 sec. 1 - Capital Markets and Financial Institutions: Crisis and Regulatory Response (Fall 2009)
Instructor: Mark Perlow (view instructor's profile)
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Units: 2
Meeting Time: M 5:20-7:10
Meeting Location: 123
Course Control Number (Non-1Ls): 49625
Main Section Enrollment:
Enrolled: 18
Waitlisted: 0
Enroll Limit: 23
As of: 11/25 06:43 AM
This course will address the institutional and regulatory framework of the US capital markets and the role that financial institutions, particularly investment banks and investment funds, perform in these markets. The course will start with an overview of the functions and regulation of banks, exchanges, over-the-counter markets, broker-dealers, institutional investors, and mutual and hedge funds. We will study in particular the recent crisis, including the rise and fall of securitization, failures in investment banks and the government-sponsored enterprises, credit derivatives, money market funds and hedge funds. We will study the division of regulatory responsibilities after Gramm-Leach-Bliley repealed Glass-Steagall and how these responsibilities correspond, or do not correspond, with the various financial “functions” that GLB intended to regulate. We will examine a range of actual and proposed regulatory responses to the crisis, including the many interventions of the Federal Reserve, the SEC’s actions against credit rating agencies, short-selling and rumormongering, and the Treasury’s proposed Blueprint for a Modernized Financial Regulatory Structure. Although the globalization of capital markets will not be our primary focus, we will study how international competition has affected the US regulatory scheme and the role that international competitiveness has played in debates over US regulation.
This course is intended to provide students with an overview of the US financial system, and it does not cover the same material or the same details as specific courses in corporate, securities or banking law.
Prerequisites:
There are no formal prerequisites, although students will find as helpful background courses in securities law and finance.
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Exam Notes: P
Special Notes: LE(20)
Course Category: Business Law
Course Subcategories:
Law and Economics
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Books:
Required Books are in blue
- John Coffee and Hillary Sale - Securities Regulation - Ed. 2009 - Publisher: Foundation Press - ISBN: 9781599414508
