TBC4180

Securities regulation

Associate Professor Paul Latimer

7 points
* One 3-hour session per week
* First semester
* Clayton
* Interdisciplinary, open to students of the faculties of Business and Economics, Law, and MBA program.

Objectives On completion of this subject students should have an understanding of the competing policy objectives of the laws regulating the stock exchange and trading in securities; understand these laws, their background and their purpose, and demonstrate an awareness of current legal and policy issues in securities regulation.

Synopsis This subject involves a study of some of the laws regulating securities markets from the policy perspective of what they are trying to achieve. The subject opens with the economic, legal and constitutional framework. Topics include the role of the Australian Securities Commission and the Corporations and Securities Panel; what is a `security?'; aspects of chapters 6 and 7 of the Corporations Law; broker and client relations; the Corporations Law and its interrelationship with trade practices law; licensing of dealers and investment advisers; computerisation and internationalisation and the regulatory response; disclosure and the supply of information; non-public information and market trading, market rigging, frauds, insider trading; short selling; comparison with the regulation of futures markets in chapter 8 of the Corporations Law; economic theories dealing with the regulation of markets.

Assessment Written (2500 words for Faculty of Business and Economics students; 3500 words for Law students): 35%
* Examination (3 hours): 50%
* Class presentations: 15%

Prescribed texts

Australian corporations legislation latest edn
Latimer P Securities regulation subject materials and bibliography latest edn, Department of Taxation and Business Regulation, Monash U