The broad aim of this course is to examine the structure and regulation of markets for corporate securities. The study is primarily a legal analysis although it considers some financial theory relevant to legal responses to market operations. Topics include: the legal structure of co-regulation of securities markets including the role and powers of Australian Securities & Investments Commission (“ASIC”) and the Australian Securities Exchange (“ASX”); the efficient market hypothesis and its implications for mandatory corporate disclosure and prospectus regulation; prospectus disclosure and liability; the licensing of securities dealers and investment professionals; the conduct of securities business; abusive trading on secondary markets, including stock market manipulation and insider trading.
Structures, institutions and actors in Australian securities markets; current influences towards the globalisation of financial markets; the development and philosophy of Australian financial services law
The efficient market hypothesis; the mandatory disclosure regime; prospectus regulation
Prospectus liability and civil liability
Regulation of market licensees under the Corporations Act, as amended by the Financial Services Reform Act; the structure of co-regulation of securities markets; the structure, powers and authority of the Australian Stock Exchange in the regulation of securities markets; the status and general concerns of stock exchange listing and business rules; the role of the ASX in the maintenance of an informed market
The role and powers of the Australian Securities & Investments Commission in the regulation of financial markets; investigation and examination powers with respect to breaches of the Corporations Act
The licensing of financial services providers
The conduct of financial services providers including an examination of the legal structure of stock exchange transactions and the consequent obligations of brokers and clients; the incidents of the broker-client relationship
The regulation of insider trading
Abusive trading on secondary markets, including the elements of market manipulation offences
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