Overview

This course highlights the major issues and procedures relating to the development and regulation of capital and securities markets in developing economies, with a special focus on recent developments and trends. Participants will discuss the major building blocks of an effective capital market and the policy environment needed to help its development in the light of the present ever changing environment. The course also includes issues related to the growing interaction of emerging markets with developed capital markets.

Format

The seminars are currently offered both in-person and online simultaneously, at the choice of the participant. This choice must be indicated at the time of registration. A small number of courses are scheduled to be delivered exclusively in person or online, and are indicated as such in the 2024 schedule. In-Person Only seminars usually start at 9:30 am Washington D.C. time. Daily sessions usually end at 4:00 pm. Breaks (including the lunch break) are allocated as appropriate. Online Only seminars will be delivered through five (for 1-week course) or ten (for 2-weeks course) live online sessions via videoconferencing platform. Each session will last approximately 3.5 hours and will be scheduled to start within a time window of 7:00 am – 8:30 am Washington D.C. time. Hybrid In-Person/Online seminars will start at a time most convenient to both in-person and online participants and will generally follow the In-Person seminar format. We expect the classes to be highly interactive and can include presentations, case studies and exercises.

Course Outline

Legal, Regulatory and Institutional Framework

• Institutional structure related to market’s needs
• Government regulation: securities laws, securities exchange commissions, central banks, ministries of finance
• Stock exchanges: rules and regulations, self or external regulation, membership and listing standards
• Corporate governance
• Transparency

Development of Capital Markets

• Policy issues affecting development of capital markets
• Managing risks and responding to crises in Capital Markets
• Capital markets and private equity, venture capital and infrastructure funds
• Instruments, including the introduction of green finance instruments

Role of Participants in Capital Markets

• Regulators, financial institutions, accountants/auditors, government
• Issuers of securities in capital markets
• Investors in capital markets: individuals and institutional players
• Professionals: brokers, dealers, underwriters
• Financial intermediaries: commercial banks, merchant banks, mutual funds, hedge funds, insurance companies, pension funds
• Initial public offerings (IPOs)
• Participants are encouraged to reference and discuss current developments and trends in their home countries in respect to all the focus areas above

Course Advisor

Paul Freedman is the Executive Vice President, General Counsel and Corporate Secretary at the AES Corporation, a global energy company. Over his 14 years at AES he has advanced numerous transformative initiatives to position AES as a global leader in the acceleration of a cleaner energy future. Paul leads the global legal team, serves as a principal advisor to the Board and oversees our ethics and compliance functions. He previously served as Chief of Staff to the CEO and in several positions in AES’ legal group, working on M&A, joint ventures, project development and regulatory matters. Prior to AES, Paul spent five years as the chief legal advisor of the US Agency for International Development worldwide credit guaranty program, driving the portfolio from $100M to $1B to foster sustainable development and stimulate the economy in developing countries. He began his career working as a project finance lawyer at the law firms of White & Case and Freshfields. Paul earned his bachelor’s degree at Columbia University and Juris Doctor at the Georgetown University Law Center.