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Intended Audience: Individuals
responsible for policy making and supervision of the development and regulation
of capital and securities markets; professionals such as commercial and
development bankers, central bankers, investment and merchant bankers,
managers of mutual and investment funds, lawyers, brokers, and financial
advisors.
Course
Objectives: The
course highlights the major issues and procedures relating to development and regulation of capital and securities markets in developing countries. Participants
will discuss the major building blocks of an effective capital market and the policy
environment needed to help its development. The course also includes issues
related to the growing interaction of emerging markets with developed
capital markets.
Course
Outline
Development
of Capital Markets
- Institutional
structure related to market's needs
- Policy
issues affecting development of securities market
- Fiscal
policies:effect on corporate sector, investment, taxation,
incentives;
interest rates and inflation issues
- Development
versus regulation
Role of Participants in
Capital Markets
- Regulators,
financial institutions, accountants/auditors, government
- Issuers
of securities in capital markets: private- and public-sector
companies; local and multinational companies
- Investors
in capital markets: individuals and institutional players
- Professionals:
brokers, dealers, underwriters, merchant and investment bankers,
securities lawyers
- Financial
intermediaries: commercial banks, merchant banks, mutual
funds, hedge funds, insurance companies
Legal and Regulatory Framework
- Government
regulation: securities law, securities exchange commissions, central banks,
ministries of finance
- Stock Exchange: rules and regulations, self or external regulation, membership and listing standards
- Transparency
- Prospectuses
Financial Instruments
in Project and Corporate Financing
- Equity,
debt, and mezzanine financing
- Risk-reduction
instruments
- Primary
and secondary issues
- Initial public offerings (IPO's)
Field Trips
- Philadelphia
Stock Exchange
- New
York Stock Exchange (if available)
- U.S. Federal Reserve Bank in New York
- Securities
and Exchange Commission (SEC)
- National
Association of Securities Dealers (NASDAQ)
Participants' Roundtable
- Each
participant is expected to give a brief oral presentation on an
issue related to the subjects covered in the seminar. Before
coming to the seminar, each participant is encouraged to
identify one or two issues from his or her professional experience
to present and discuss during the roundtable.
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