University of Miami School of Law CourseLink Course Description - Online System
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Fall 2020

Course Description
This course will examine the regulatory and compliance obligations of financial professionals that deal in securities and provide investment advice. After an overview of the securities markets, trading platforms and exchanges, we will focus on the regulation of brokerage firms and brokers, and cover how firms are created and subsequently regulated by the SEC and the Financial Industry Regulatory Authority (FINRA). The course will examine topics such as registration, the different standards of conduct governing brokers and investment advisers, compliance and supervision, controlling inside information, and managing conflicts of interest. We will also examine potential liability for violations of those obligations, touching upon SEC and FINRA regulation and enforcement, and private actions. The course will include guest lectures from regulators, prominent in-house counsel and practitioners. Although the primary focus of the course will be on broker-dealer regulation under the Securities Exchange Act of 1934, will also cover the role and regulation of registered investment advisers under the Investment Advisers Act of 1940.

Course Schedule
Dates Day Time Room
08-17-2020 - 11-17-2020   W  2:00 PM-3:40 PM F402

Course Frequency

Course Information

Credits: 2
Pass/Fail Option: Yes
Prerequisite: None
Corequisite: None
Method of Evaluation: Grading will be based on: (1) regular class attendance and active class participation (25%); (2) a graded exam.
Graduation Requirements Fulfilled By Course:
Special Attributes: None
Course Delivery:
Special Restrictions:
Law Track(s):
Government & Regulation - Specialized
Bar Subject(s): None
Business Compliance and Sustainability (Area of Focus)   More information
Business Compliance and Sustainability (Concentration)   More information
Course Book(s):
Textbook Required:
Additional Materials:
All materials will be available on TWEN.  
First Class Assignment(s):
  • Assignment: Board of Trade of City of Chicago v. SEC, 923 F2d 1270 (7th Cir. 1991) In re New York Stock Exchange, LLC and NYSE Euronext, Exch. Act Rel. No. 67857 (Sept. 14, 2012) In re New York Stock Exchange, Inc., Exch. Act Rel. No. 51524 (April 12, 2005) Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S. Code§78 et seq.] – selected provisions below: • Definitions [15 U.S. Code§78c]: §3(a) (1)(“exchange”), (4)(A)(“broker”), (5)(A)(“dealer”), (18)(“person associated with a broker or dealer”, (21)(“person associated with a member”), (26)(“self-regulatory organization”),and (38) (“market maker”); available at: • National securities exchanges [15 U.S. Code §78f]: §6(a), (b), (c); available at: • SRO Registration and responsibilities [15 U.S. Code §78s]: § 19(a)(1), (a)(3), (b)(1), (c), (g)(1), (h)(1); available at: Article: The Economist, The New York Stock Exchange Specialists Stumble (April 14, 2005) ble on Blackboard).

    All materials are available on Blackboard under "Modules"

    TWEN/Blackboard/Course Webpage Link:



Contact Information:
Phone: (305)284-8548
Office: A312C