78113 Securities Regulation
Warning: The information on this page is indicative. The subject outline for a
particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2017 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
Requisite(s): ( 78101c Postgraduate Legal Research OR (70106c Principles of Public International Law AND (94 credit points of completed study in spk(s): C04236 Juris Doctor OR 142 credit points of completed study in spk(s): C04250 Juris Doctor Master of Business Administration) AND 70107c Principles of Company Law) OR 70211 Contracts OR (94 credit points of completed study in spk(s): C04320 Juris Doctor Graduate Certificate Professional Legal Practice AND 70106 Principles of Public International Law))
The lower case 'c' after the subject code indicates that the subject is a corequisite. See definitions for details.
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 77901 Securities Markets Law AND 78112 Securities Regulation
Description
This subject builds on the compulsory company law subject by examining key issues in the Australian scheme for the regulation of markets for corporate securities. Topics include an introduction to corporate finance, regulation of major equity and debt capital transactions such as reductions, buy-backs and the raising of new capital through equity and debt issues. The subject has a particular focus on the role of disclosure in securities market regulation, including the regulation of continuous disclosure, misleading statements to the market and insider trading. The subject also provides an introduction to takeover regulation with an emphasis on the role of disclosure in takeovers and the regulation of takeover disputes.
Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
| 1. | understand and apply Australian securities laws across a range of commercial situations involving corporate fundraising through securities markets; |
|---|---|
| 2. | appreciate of the commercial, legal and ethical issues that may arise in connection with the operation of Australian securities markets; |
| 3. | identify and use electronic and paper-based information resources to locate relevant and up-todate legal materials to assist in resolving securities law problems. |
Course intended learning outcomes (CILOs)
This subject also contributes specifically to the development of the following graduate attributes:
- Legal Knowledge
A coherent understanding of fundamental areas of legal knowledge including the Australian legal system, social justice, cultural and international contexts and the principles and values of ethical practice. (1.0) - Critical Analysis and Evaluation
A capacity to think critically, strategically and creatively including an ability to identify and articulate legal issues, apply reasoning and research, engage in critical analysis and make reasoned choices. (3.0) - Communication and Collaboration
Effective and appropriate communication skills including highly effective use of the English language, an ability to inform, analyse, report and persuade using an appropriate medium and message and an ability to respond appropriately. (5.0)
Teaching and learning strategies
The teaching and learning strategies used in this subject involve 4 day long classes. The classes will have a mix of small and large group discussion, statutory interpretation and legal problem solving exercises.
This subject is conducted with the aim of promoting student-centred learning in order to assist in the development of critical thinking and information literacy skills relevant to working in the corporate finance/securities
industry. This aim will be achieved by requiring students to engage with the topics presented in the subject through completion of the required reading, some independent research (usually on the internet) and critical reflection of the topic for each week.
A large portion of the course is conducted online, with regular weekly activities and an ongoing forum for discussion.
It is a subject requirement that students complete the required readings and attempt the questions in the subject outline in advance of each class. There is very little lecturing conducted in this subject and all material is completed by group discussion in class and online.
This subject is worth 6 credit points, which means you should be spending on average 9 hours per week working on this subject materials (including attending class).
Assessment
Assessment task 1: Case Study
| Objective(s): | This task addresses the following subject learning objectives: 2 and 3 This task contributes specifically to the development of the following graduate attributes: 3.0 and 5.0 |
|---|---|
| Weight: | 10% |
| Length: | 500-800 words (equivalent) |
Assessment task 2: Class participation
| Objective(s): | This task addresses the following subject learning objectives: 1 and 2 This task contributes specifically to the development of the following graduate attributes: 3.0 and 5.0 |
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| Weight: | 20% |
| Length: | 1,000 word equivalent |
Assessment task 3: Research essay
| Objective(s): | This task addresses the following subject learning objectives: 1, 2 and 3 This task contributes specifically to the development of the following graduate attributes: 1.0, 3.0 and 5.0 |
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| Weight: | 30% |
Assessment task 4: Open book final exam
| Objective(s): | This task addresses the following subject learning objectives: 1 This task contributes specifically to the development of the following graduate attributes: 1.0 and 3.0 |
|---|---|
| Weight: | 40% |
Required texts
- Baxt, Black and Hanrahan, Securities and Financial Services Law (LexisNexis Butterworths, 9th ed, 2016).
**Older editions of this text are not suitable**
- Corporations Legislation 2017. All 3 major publishers (Thomsonreuters, LexisNexis Butterworths and CCH) publish annual editions of the Corporations Act 2001 (Cth). Each of these volumes contains the legislation with brief supporting notes, although the Thomsonreuters version also provides a detailed annual review (by Baxt) and case annotations (by Finanne).
Recommended texts
See UTS online for course reading and helpful texts.
Other resources
- Australian Securities Exchange (www.asx.com.au)
- Australian Securities and Investments Commission (www.asic.gov.au)
- Corporations and Markets Advisory Committee (www.camac.gov.au)
- Parliamentary Joint Committee on Corporations and Financial Services (www.aph.gov.au)
- Takeovers Panel (www.takeovers.gov.au)
- Melbourne Law School Centre for Corporate Law & Securities Regulation (http://cclsr.law.unimelb.edu.au)
