Capital Markets and Securities Regulation

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CEU code: 
LEGS 5411
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Department of Legal Studies
Tibor Tajti

The aim of this two-credit course is to provide the students with a solid understanding of the fundamental institutions, problems and solutions connected to the world of capital markets and in particular with the tasks imposed on the regulatory bodies in shaping and enforcing the related regulations in market economies.

Although the basic approach will be comparative, the federal securities regulatory framework of the United States will serve as the benchmark to discuss the fundamental issues of this hybrid, multi-faced and rapidly changing field of law. The American developments will be primarily contrasted with the respective laws of Germany (as a representative of bank-based systems) and the European Union the extent possible. In addition to that – to profit from the unique opportunity that our university is located at the heart of Central Eastern Europe and has a diverse students body predominantly coming from this ‘transitory’ region and from other emerging markets (e.g., Africa) – and is thus in the unique position to directly follow the development of the fledgling capital markets of the region, whenever possible a special attention will be given to this peculiar part of the world.

The last meeting will be devoted to selected pathological phenomena from some of the students’ home countries.

The material covered is designed to be of direct use to students planning to work with international law firms, banks and other financial organizations, to future academics interested in the field and to judges encountering problems of the sort for the very first time in many of the emerging systems (e.g., pyramid and Ponzi schemes from the United States to the post-socialist countries or the future of securitization after the Credit Crunch and the global financial crisis).