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Campus: Kensington Campus
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Career: Postgraduate
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Units of Credit: 8
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Indicative Contact Hours per Week: 2
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Enrolment Requirements:
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Prerequisite: Academic Program must be either 9200, 9210, 5740 or 9230
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Description
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
None
Course Objectives
- To develop an understanding of doctrine and theory concerning new issue and secondary markets for financial products
- To strengthen students' mastery of the craft of legal writing
- To reinforce techniques of legal research
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
Assessment
| Research essay |
5,000 - 7,000 words |
100% |
Course Texts
- R Baxt, AJ Black and P Hanrahan, Securities and Financial Services Law (Butterworths, 6th ed, 2003)
- G Walker, B Fisse & I Ramsay (eds), Securities Regulation in Australia and New Zealand (LBC Information, 2nd ed, 1998)
Resources
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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