Apart from their assigned mod courses, 1L students may only enroll in courses offered as 1L electives. A complete list of these courses can be found on the 1L Elective Listings page. 1L students must use the 1L class number listed on the course description when enrolling.
247.1 sec. 001 - Regulation of Capital Markets and Financial Institutions (Spring 2026)
Instructor: Mark D Perlow (view instructor's teaching evaluations - degree students only | profile)
View all teaching evaluations for this course - degree students only
Units: 2
Grading Designation: Graded
Mode of Instruction: In-Person
Meeting:
W 6:25 PM - 8:15 PM
Location: Law 244
From January 14, 2026
To April 22, 2026
Course End: April 22, 2026
Class Number: 34254
Enrollment info:
Enrolled: 24
Waitlisted: 10
Enroll Limit: 24
As of: 01/13 03:37 AM
This course will address the institutional and regulatory framework of the U.S. capital markets and the role that financial firms, including investment banks, organized markets, asset managers, investment funds, and derivatives dealers, perform in these markets. We will study the legal, political, and regulatory structures that reinforce the prominence of capital markets in the U.S. financial system, and the increasing prominence of private markets. We also will study fintech and the promise and challenges presented by financial innovation and technology to markets, firms, and the regulatory system, noting both the extensive history of technology in the financial markets and the current and potential future impact of blockchain technology and artificial intelligence in the capital markets.
The course will provide an overview of the functions and regulation of investment banks, exchanges, electronic markets, institutional and “retail” investors, public and private investment funds, and derivatives markets. We also will cover a series of events and case studies that illustrate the evolution, features and weaknesses of the U.S. regulatory system, including the “meme stock” phenomenon, the rise of and backlash against ESG, crypto/digital assets, “flash crashes” in the markets, and failures in investment banks and financial holding companies, money market funds and hedge funds. We will study the fragmented U.S. regulatory system, including the division of regulatory responsibilities under the Gramm-Leach-Bliley and Dodd-Frank Acts, as well as the actions and varying (and often conflicting) policy purposes of the securities, derivatives, and banking regulators and other legislative proposals and actions of Congress and the Treasury.
This course is intended to provide students with an overview of the U.S. capital markets and financial regulatory system. It does not cover the same material or the same details as specific courses in corporate, securities, banking, or consumer financial regulation.
Exam Notes: (None) Series of papers or assignments throughout the semester
(Subject to change by faculty member only through the first two weeks of instruction)
Course Category: Business Law
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Books:
Instructor has indicated that no books will be assigned.