LAW 423 - Securities Regulation

This course studies the disclosure philosophy of the federal securities laws and the nature and regulation of the securities markets. The relevant statutes are the Securities Act of 1933 and the Securities Exchange Act of 1934, primarily, as well as changes brought by recent legislation including the JOBS Act. Among the topics covered are the initial public offering (IPO) process and exemptions from registration under the 1933 Act; we also study the mandatory disclosure regime for public companies under the 1934 Act. Civil liabilities under both the 1933 and 1934 Acts are also explored. The course also studies the economics of the disclosure and liability rules and the workings of an efficient market. Students are able to enroll in both Securities Litigation and Securities Regulation while pursuing their degree.