Securities Regulation

The primary aim of this course is to develop doctrinal and analytical fluency in the following areas: 

1. an overview of the functioning of Canadian capital markets, including both primary markets (e.g. different types of underwritings) and secondary markets (e.g. role of the stock exchanges, alternative trading systems, etc.);
2. the relationship between corporate law and securities law; 
3. the role played by securities regulation in investor protection and fostering market efficiency; 
4. primary market disclosure obligations; 
5. prospectus exemptions; 
6. liability for primary market misrepresentation; 
7. secondary market disclosure obligations; 
8. takeover bids; 
9. insider trading; and 
10. the discretionary powers of securities regulators. 

In addition to developing doctrinal fluency, the above-noted topics will be critiqued from a policy perspective (e.g. do we really need comprehensive prospectus disclosure? Are the takeover bid rules optimal from a shareholder and/or societal perspective?).