Course Description



Much of the practice of securities law focuses on the regulation of persons and firms that are positioned between issuers of securities and investors, such as broker-dealers, investment advisers, and mutual funds. Regulation of Securities Intermediaries covers the regulation of these persons and firms. We will take up the duties and obligations of broker-dealers under the Securities Exchange Act, the regulation of investment advisers under the Investment Advisers Act, and the regulation of mutual funds under the Investment Company Act. The course will focus on regulation by the U.S. Securities and Exchange Commission and take up the role of private actions. The course will also provide background on the financial services industry that will be useful for those considering practice in the area. A financial background is not necessary for this course, which is designed to be conceptual. The course complements the securities regulation survey course, which typically does not address these topics or provides only limited coverage. The course will have a final exam, likely to be part essay and part multiple choice.