Glossary

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Regulation of Online Investing - LAWS8088

Faculty: Faculty of Law

School: Faculty 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 must be either 9200, 9210, 5740 or 9230

Excluded: JURD7588

CSS Contribution Charge: 3 (more info)

Tuition Fee: See Tuition Fee Schedule

Further Information: See Class Timetable

View course information for previous years.

Description

This course introduces the Internet, the institutions and new business types in the online investing industry. It considers the regulatory difficulties involved in applying law and policy developed in advisory broking conditions to online investing sites. It looks at features of online activity - immediacy, inter-activity and inter-jurisdictionality - which suggest that different regulatory approaches might be needed online. The course also raises cross-cutting issues such as behavioural finance and investor education; the loss of regulatory 'gate-keepers' eg advisory brokers; the overwhelming amounts of financial information available, new actors such as day-traders and empirical evidence about online investor attitudes and practices coming from the ARC 'Regulating Online' project at www.bakercyberlawcentre.org/onlineinvesting

LLM Specialisation

Corporate and Commercial Law
Corporate, Commercial and Taxation Law
Media and Technology Law

Course Objectives

A candidate who has successfully completed this subject should:

Understand the context of online investing and its regulation
Understand the main policy, legal and regulatory issues raised by the topics for the course
Have a critical familiarity with the literature of online investing regulation
Understand the relevance of some cross-cutting issues eg behavioural finance, the loss of regulatory 'gatekeepers', cross border transactions
Be able to critically evaluate the information and ideas presented in the course and write a sustained and justified argument on a topic central to the course in the form of a research essay

Main Topics

Institutions and business models of online investing
Application of financial services licensing to online investing
Licence and operating conditions for online investing
Customer relations and online brokers
Public offerings and online offer documents - Australia and USA
Automated trading systems and electronic communication networks
Criminal and civil contraventions in online Investing - Australia and USA
Enforcement and liability
The future - a choice of: day traders, investor education, CFDs online, corporate governance in cyberspace

Assessment