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U.S. Commercial Paper and Payment Systems
Prof. Stephen Michael McJohn,
2 credits day; 2 credits evening.
This course provides extensive coverage of post-revision Articles 3, 4, and 4A of the Uniform
Commercial Code. Coverage of related areas such as law of credit cards, electronic funds
transfers, Federal Reserve Board Regulations CC and J, and Internet payment systems is
provided through cases and problems. Electronic payment system including the UNCITRAL
draft model law on electronic funds transfers will be explored. Restricted to International LLM
Students.
Elective Course
U.S. Federal Securities Regulation
Prof. Jeffrey Lipshaw,
2 credits day; 2 credits evening.
This course is an overview of United States federal securities regulation. We will begin with a
discussion of the nature of the federal securities regulatory policy as disclosure rather than merit
based, and the relationship of federal securities regulation to state corporate law (such as
Delaware law). We will then explore two key concepts underlying the securities laws: the
"materiality" of representations or omissions, and the definition of "security." As to the
Securities Act of 1933, which governs primary offering of securities to the public, we will use
hypothetical problems as a means of understanding the complex scheme of statutory provisions
and administrative regulations that control the offering and sale of securities as well as all
information relating to those securities. We will also study the provisions of the '33 Act
governing civil liability arising out of primary offerings, as well as exempt, secondary, and
control person transactions. We will conclude with a review of the key components of the
Securities Exchange Act of 1934, which governs trading in the public markets, anti-fraud
litigation, insider trading, and public company reporting obligations. Although the basic rules
generally apply equally to foreign issuers registering in the United States, we will touch on some
of the key differences. Method of Examination: Grades will be based on a final take-home
examination. Budapest, Hungary
Elective Course