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Part IV. Securities Firms and Capital Markets

1 Introduction to the Regulation of Securities Firms

No materials are yet posted in this folder.
2 Securities Firms and the Retail Investor *

This folder contains supplemental information for Chapter 4.2.
- 2.1 DOL Factsheet on Final Fiduciary Rule (April 2016)
  
  https://wiki.harvard.edu/confluence/download/attachments/204380235/Fact%20Sheet_%20Department%20of%20Labor%20Finalizes%20Rule%20to%20Address%20Conflicts%20of%20Interest%20in%20Retirement%20Advice%2C%20Saving%20Middle%20Class%20Families%20Billions%20of%20Dollars%20Every%20Year%20_%20United%20States%20Department%20of%20Labor.pdf
  
  Use with Section IV.B. Harmonization of Fiduciary Duties, beginning on page 483.
- 2.2 Morgan Lewis Memo - The 2016 Election and the Future of the Department of Labor Fiduciary Rule (November 2016)
  
  https://wiki.harvard.edu/confluence/download/attachments/204380235/Morgan%20Lewis_2016-Election-and-the-Future-of-the-Department-of-Labor-Fid%20%20%20.pdf
  
  Use with Section IV.B. Harmonization of Fiduciary Duties, beginning on page 483.
- 2.3 U.S. Chamber of Commerce, Comment Letter on Definition of the Term "Fiduciary" (Apr. 17, 2017)
  
  https://www.uschamber.com/sites/default/files/041717_uschamber_fiduciary.pdf
  
  Use with Section IV.B. Harmonization of Fiduciary Duties, beginning on page 483.
- 2.4 John Oliver "Last Week Tonight" Clip - Securities Firms
  
  https://www.youtube.com/watch?v=gvZSpET11ZY
  
  Use with Section I. Introduction, beginning on page 461.
- 2.5 Financial Planning Coalition, Comment Letter on Definition of the Term "Fiduciary"
  
  http://financialplanningcoalition.com/wp-content/uploads/2017/04/Financial-Planning-Coalition-Supplemental-Comment-Letter-RIN-1210-AB79....pdf
  
  Use with Section IV.B. Harmonization of Fiduciary Duties, beginning on page 483.
- 2.6 SIFMA AMG, Comment Letter on Definition of the Term "Fiduciary" (Apr. 2017)
  
  http://www.sifma.org/comment-letters/2017/sifma-amg-submits-comments-to-the-dol-regarding-proposed-rule-and-extension-of-applicability-date/
  
  Use with Section IV.B. Harmonization of Fiduciary Duties, beginning on page 483.
- 2.7 DOL Chart Illustrating Changes from Department of Labor's 2015 Conflict of Interest from Proposal to Final
  
  https://www.dol.gov/sites/default/files/ebsa/laws-and-regulations/rules-and-regulations/completed-rulemaking/1210-AB32-2/conflict-of-interest-chart.pdf
  
  Use with Section IV.B. Harmonization of Fiduciary Duties, beginning on page 483.
- 2.8 Dechert, Tax Management Compensation Planning Journal, Navigating the DOL's New Fiduciary Rules: A Game Plan for Broker-Dealers (Jan. 2017)
  
  https://www.dechert.com/files/Uploads/Documents/Employee%20Benefits/Navigating%20the%20DOL%27s%20New%20Fiduciary%20Rules%20-%20A%20Game%20Plan%20for%20Broker%20Dealers.pdf
  
  Use with Section IV.B. Harmonization of Fiduciary Duties, beginning on page 483.
- 2.9 Davis Polk Visual Memo, The Department of Labor’s New Fiduciary Regulation and Its Impact on the Financial Services Industry (June 2016)
  
  https://www.davispolk.com/files/2016-06-03_DOL_Fiduciary_Regulation_Its_Impact_on_the_Financial_Services_Industry.pdf
  
  Use with Section IV.B. Harmonization of Fiduciary Duties, beginning on page 483.
- 2.10 Presidential Memorandum on Fiduciary Duty Rule (Feb. 3, 2017)
  
  https://www.gpo.gov/fdsys/pkg/FR-2017-02-07/pdf/2017-02656.pdf
  
  Use with Section IV.B. Harmonization of Fiduciary Duties, beginning on page 483.
- 2.11 CFPB Final Rule on Arbitration Agreements (July 2017)
  
  https://www.gpo.gov/fdsys/pkg/FR-2017-07-19/pdf/2017-14225.pdf
  
  Use with Chapter 4.2 Section IV. The Rise of Securities Arbitration, beginning on page 488.
  
  Use with Chapter 5.1 Section V. The Consumer Financial Protection Bureau, beginning on page 565.
3 Securities Firms in Corporate Transactions*

This folder contains supplemental information for Chapter 4.3.
- 3.1 U.S. Department of the Treasury, A Financial System That Creates Economic Opportunities: Capital Markets (October 6, 2017)
  
  https://www.treasury.gov/press-center/press-releases/Documents/A-Financial-System-Capital-Markets-FINAL-FINAL.pdf
4 Exchanges and Trading *

This folder contains supplemental information for Chapter 4.4.
- 4.1 Michael Wellman & Elaine Wah, Latency Arbitrage, Market Fragmentation, and Efficiency: A Two-Market Model (2013)
  
  http://strategicreasoning.org/wp-content/uploads/2013/02/ec38-wah.pdf
  
  Use with Section IV. Challenges in Trading Markets Today, beginning on page 541.
- 4.2 Michael Morelli, Regulating Secondary Markets in the High Frequency Age (May 2016)
  
  https://wiki.harvard.edu/confluence/download/attachments/204380235/Morelli%20Regulation%20Secondary%20Markets%20in%20the%20High%20Frequency%20Age.pdf
  
  Use with Section IV. Challenges in Trading Markets Today, beginning on page 541.
5 Experiential Learning Materials for Part IV*

Within this folder are HLS Experiential Learning Case Studies to be used in connection with Part IV
- 5.1 HLS Case Study - Lending Club - August 2017
  
  https://wiki.harvard.edu/confluence/download/attachments/204380235/CSP%20028%20Lending%20Club%2008.31.17_v4.pdf

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1 Introduction to the Regulation of Securities Firms

2 Securities Firms and the Retail Investor *

2.1 DOL Factsheet on Final Fiduciary Rule (April 2016)

2.2 Morgan Lewis Memo - The 2016 Election and the Future of the Department of Labor Fiduciary Rule (November 2016)

2.3 U.S. Chamber of Commerce, Comment Letter on Definition of the Term "Fiduciary" (Apr. 17, 2017)

2.4 John Oliver "Last Week Tonight" Clip - Securities Firms

2.5 Financial Planning Coalition, Comment Letter on Definition of the Term "Fiduciary"

2.6 SIFMA AMG, Comment Letter on Definition of the Term "Fiduciary" (Apr. 2017)

2.7 DOL Chart Illustrating Changes from Department of Labor's 2015 Conflict of Interest from Proposal to Final

2.8 Dechert, Tax Management Compensation Planning Journal, Navigating the DOL's New Fiduciary Rules: A Game Plan for Broker-Dealers (Jan. 2017)

2.9 Davis Polk Visual Memo, The Department of Labor’s New Fiduciary Regulation and Its Impact on the Financial Services Industry (June 2016)

2.10 Presidential Memorandum on Fiduciary Duty Rule (Feb. 3, 2017)

2.11 CFPB Final Rule on Arbitration Agreements (July 2017)

3 Securities Firms in Corporate Transactions*

3.1 U.S. Department of the Treasury, A Financial System That Creates Economic Opportunities: Capital Markets (October 6, 2017)

4 Exchanges and Trading *

4.1 Michael Wellman & Elaine Wah, Latency Arbitrage, Market Fragmentation, and Efficiency: A Two-Market Model (2013)

4.2 Michael Morelli, Regulating Secondary Markets in the High Frequency Age (May 2016)

5 Experiential Learning Materials for Part IV*

5.1 HLS Case Study - Lending Club - August 2017