This course will examine the internationalization  of capital markets in the last 20 years from a legal and regulatory perspective. An introductory section will look at the history, trends and issues associated with internationalization of the markets and the regulatory techniques that have developed in response to them. Several different markets will be studied, regulated and unregulated, developed economies as well as developing or emerging markets, the Euromarket, the EU, the US, China and others. Part of the course will be devoted to specific US regulatory responses to the internationalization of capital markets: Foreign Private Issuer exemptions, Regulation S, Rule 144A, Mutual Recognition Systems, ADRs. The last part of the course will examine the consolidation of stock exchanges, the emergence of international standards, the work of the International Organization of Securities Commissions (IOSCO) in developing principles of securities regulation and disclosure; the OECD Principles of Corporate Governance and the role of international financial institutions such as  the International Monetary Fund and The World Bank,  developments in China  and basic principles of Islamic finance.  The course concludes with country studies. 

Course materials have been specially prepared for this course. The readings below will be supplemented by class handouts. The course format will be a combination of lecture, class discussion and in-class student presentations worth 50% of the final mark.  There will then be a short (90 minutes) final exam worth 50% of the final mark. The exam will be a combination of problem and essay questions. The presentations should be no longer than 20 minutes accompanied by a written outline (which may be in powerpoint form) and a short bibliography.  Below are possible topics (based on the existing reading list); other topics may be discussed with the instructor.

1.      Regulation of UK capital markets:  the Financial Services Authority
2.      International Accounting Standards:  an Overview of the Issues
3.      Sarbanes-Oxley and its international implications
4.      Stock Exchanges:  Recent Developments
5.      IOSCO, its origins and impact
6.      IOSCO International Standards
7.      European Markets: the Prospectus Directive
8.      European Markets: Market in Financial Instruments Directive
9.      European Markets: Cross-border mergers
10.    European Markets: Market Abuse Directive
11.    Emerging Markets: Issues, institutions and regulation (choose a market)
12.    Regional Markets, their development and prospects