International Capital Markets: Law and Institutions (20593). 3 units. This subject will examine, from a regulatory perspective, internationalization of capital markets. An introductory section will look at the role of international capital markets in the Global Financial Crisis (2008-9), and the subsequent implications. The course will look at the regulatory techniques, many pioneered in the European Union, used in international capital markets, and how they have developed in response to changing markets. The course will consider the role of international financial institutions, such as the IMF, The World Bank, the Financial Stability Board and the International Organization of Securities Commissions (IOSCO), as capital raisers, standard setters, international coordinators and financial sector assessors. Part of the course will be devoted to specific US regulatory responses to the internationalization of capital markets: the creation of a ‘parallel’ system of regulation of non-US participants in US markets and the balancing of the need for accommodations against the political imperative of the ‘level playing field.' Major US initiatives which continue to shape international markets, such as Regulation S, Rule 144A, the Multijurisdictional Disclosure System and ADRs will be discussed. A third part of the course will look at the future of capital markets in the European Union and the UK. The European Union has embarked upon an ambitious ‘Capital Markets Union’ initiative as well as overseeing a massive regulatory realignment under a new supranational regulator, the European Securities and Markets Authority (ESMA). The City of London, once the world’s pre-eminent international financial center and the financial capital of Europe, is struggling to redefine itself and its regulatory framework post-Brexit. The last part of the course looks beyond the ‘transatlantic corridor,' to Islamic capital markets, China and other emerging and transitional economies. Depending on class size and the level of interest, there may be the opportunity for student presentations in the last two or three weeks of the course.