LAW 7083

Broker-Dealer, Investment Adviser and Exchange Regulation

Course Description

Course information provided by the 2025-2026 Catalog.

Lectures on the structure of the federal securities laws; the operations of brokers, dealers, investment advisers, exchanges and other financial intermediaries; the regulation of broker-dealers, investment advisers and other intermediaries under the Securities Exchange Act of 1934, the Investment Advisers Act of 1940 and other federal statutes, state securities (blue sky) laws, and self-regulatory organization (SRO) rules; securities trading and markets; investment banking and research; insider trading prevention and supervision; anti-money laundering (AML); information privacy and security; SEC and SRO enforcement. The course focuses primarily on substantive obligations under the federal securities laws. Individual lectures also emphasize: (1) traditional common law principles underlying statutory requirements, particularly with regard to the functions of brokers, dealers and investment advisers; (2) concepts of federalism, constitutional limitations, and the division of labor created by Congress under the statutes between the SEC, the states and the SROs in formulating and administering legal, professional and ethical standards; and (3) specific policy objectives for investor protection, capital formation and market structure, the legislative reforms made to carry them out, and their intended and unintended consequences. Case studies highlight major developments and progressions in financial regulations.

Last 4 Terms Offered (None)

Learning Outcomes

• Possess knowledge of the substantive and procedural law required for effective participation in the legal profession.
• Engage effectively in legal research, analysis, and problem solving in a time frame appropriate to legal practice.
• Communicate effectively in both oral and written form as counselors and advocates.
• Obtain a fundamental understanding of the federal regulation of brokers, dealers, investment advisers and other financial intermediaries. Research and write on specific issues relevant to financial services industry, companies and investors.

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