Securities Regulations

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Presenters were selected from a call for papers.

In keeping with the theme of this year’s Annual Meeting, the Executive Committee invited papers that explore the transformative power of the law in addressing the ongoing economic crisis.  The panel seeks to address the fundamental question of how to respond to the current crisis by asking:  Where have we been?  Where are we now?  And, finally, where are we going?  Without a doubt, financial products and financial markets have played a pivotal role in contributing to the recent downturn in economic activity and thus raise a host of important and pressing questions regarding securities regulation.  These questions include:

• To what extent did gaps in the financial regulatory system generally, and securities regulation in particular, contribute to the recent financial turmoil?
• How can organizational reform help improve the efficacy and independence of securities regulation?
• What should be the primary focus of future securities regulation efforts:  Consumer protection?  Investor protection? Financial market efficiency?  Systemic risk containment?  All of the above?
• In what ways should the regulation of derivatives markets, futures markets, money market funds, private equity funds, or hedge funds be modified in light of recent developments?
• Given recent events, should the definition of a sophisticated investor be revised? If so, to what degree?
• What are the similarities and differences between the current financial crisis and previous financial crises?  What is the relevance of these parallels to securities regulation?
• How does the current crisis impact efforts to coordinate securities regulation on a global basis?
• Should financial accounting standards and the process by which these standards are established be modified?
• How can a regulatory agency charged with reducing systemic risk best achieve this objective?  Is there a role for securities regulation in achieving the objective of reducing systemic risk?

Business Meeting at Program Conclusion.