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Securities & Financial Markets Regulation - JURD7992
 Law Books

Faculty: Faculty of Law
School:  School of Law
Course Outline: See below
Campus: Kensington Campus
Career: Postgraduate
Units of Credit: 6
EFTSL: 0.12500 (more info)
Indicative Contact Hours per Week: 2
Enrolment Requirements:
Prerequisite: Academic Program JD (9150) Co: JURD7211
Excluded: LAWS8092
Fee Band: 3 (more info)
Further Information: See Class Timetable


This course examines the structure and regulation of markets for corporate securities. The study is primarily a legal analysis but looks also to some financial theory relevant to legal responses to market operations.

LLM Specialisations

Corporate and Commercial Law; Corporate, Commercial and Taxation Law.

Recommended Prior Knowledge

There are no pre-requisite for this course but an undergraduate knowledge of corporation law would be desirable.

Course Objectives

  • To develop an understanding of doctrine and theory concerning new issue and secondary markets for financial products
  • To reinforce techniques of legal research and legal writing

Main Topics

  • 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


Research essay 5,000 - 7,000 words 100%

Course Texts

A set of reading materials will be available to students at the UNSW bookshop on campus


  • R Baxt, AJ Black and P Hanrahan, Securities and Financial Services Law (Butterworths, 7th ed, 2008)


Refer to Course Outline provided by lecturer at the beginning of session. The reading guide will identify the principal readings for each class and extract those which are not easily accessible.

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© The University of New South Wales (CRICOS Provider No.: 00098G), 2004-2011. The information contained in this Handbook is indicative only. While every effort is made to keep this information up-to-date, the University reserves the right to discontinue or vary arrangements, programs and courses at any time without notice and at its discretion. While the University will try to avoid or minimise any inconvenience, changes may also be made to programs, courses and staff after enrolment. The University may also set limits on the number of students in a course.