This is a class in financial systems. It describes the interplay and tensions among regulatory regimes that apply to financial products issued by banks, fund complexes, insurance companies and others, as well as developments in the regulation of cryptocurrencies and digital assets. Specifically, this class considers places in the financial system where agencies, laws and regulations conflict with one another, as well ways in which financial products can fall through cracks in regulatory systems. In doing so, the class will consider federal and state securities and banking laws, state insurance laws, and regulations of other agencies designed to address systemic risks or emerging regulatory issues. The class will also consider Congressional and regulatory proposals to address structural solutions and market issues.
This class presents the developmental history of financial product regulation as a predicate for making judgments related to current regulatory debates. It also addresses how to approach interstitial legal analysis in the regulation of financial products, analyze complex legal principles and clearly articulate and support a legal conclusion orally and in writing. It provides a forum for debating differing points of view and for reaching legal conclusions by balancing different policy factors.