As a result of the economic crisis and the severe problems with the financial system in key markets, the Group of 20, among others, have called for major reforms of our capital markets. There will be a significant extension of regulation to new markets and new players, such as hedge funds and credit rating agencies, as well as material revisions to the current regulatory structure for financial institutions, all on a market-by-market basis.
This seminar follows key legislative and regulatory developments, principally in the U.S. and the European Union, and to a lesser extent in Asia, whose regulatory infrastructure has not been subject to the same degree of criticism as that in the U.S. and the EU. Students review reports, proposed legislation and rules, as well as articles commenting on or recommending various approaches, focusing on differences (of which there will be many) and the implications of those differences for entities doing business on a cross-border basis and the free flow of capital. The role of sovereign wealth funds, in the context of regulation of foreign direct investment, are also discussed. The seminar focuses on broad policy issues, and it is not necessary for students to have taken courses in corporate law or securities regulation to participate.