The First Phase of the New Special Study is Already Underway
Over the last three decades, U.S. and global securities markets have undergone tremendous change. The forces of globalization, advances in information technology, and regulatory choices at the federal and international levels are its driving forces.
The last comprehensive Special Study of the capital markets was conducted more than five decades ago, laying the foundation for years of sound regulation of our financial markets. Legal and economic context has fundamentally changed. To address this gap, The Program of the Law and Economics of Capital Markets at Columbia’s Law and Business Schools is undertaking a comprehensive new Special Study of the securities markets. Our aim is to inform and enhance the quality of financial market regulatory reform.
The Program has already commissioned the foundational papers for the Special Study. On Thursday March 23rd and Friday March 24th, 2017, academics, lawyers, and practitioners convened at Columbia Law School to discuss the findings of these papers. Keynote addresses were delivered by Michael Piwowar, the Acting Chairman of the SEC, and Robert Cook, the CEO of FINRA. Final versions of the papers, along with additional commentary, will be made available to the public in the form of an e-book to be released in fall of 2017. Following the New Special Study of the Securities Markets Initiating Conference held in April, 2017, a follow-up conference discussing new research on debt markets will be held in November 2017 at Columbia Law School.