Law and Economics of Capital Markets Regulation

Since its launch in 2013, Columbia Global Centers | Rio de Janeiro has forged strong ties with the Securities and Exchange Commission of Brazil (CVM, Comissão de Valores Mobiliarios), reinforcing the institutions mission to ensure the efficient and regular operation of the stock market. Over the course of 2015, the Columbia Global Center | Rio de Janeiro, in partnership with Columbia Law School and Columbia Business School, developed courses and other activities featuring Columbia faculty and specialists to debate the regulation of Brazil’s Capital Markets.

 

Professor Larry Glosten explaining the information flow in the United States' Capital Markets.

 

In May 2015, the Commission offered the course Law and Economics of Capital Markets Regulation taught by Dr. Merritt Fox, from Columbia Law School, and Dr. Lawrence Glosten, from Columbia Business School. This week-long intensive session had 60 enrolled participants, including CVM employees, corporate law firm representatives, and professionals working in the stock market, and investment, such as ANBIMA (The National Association of Investment Banks) and BRAiN (Brazil Investment and Business).

 

The program was offered to CVM employees and invitees.

 

In December 2015, Dr. Kate Judge, also from Columbia Law School, led a day-long workshop focused on Shadow Banking Regulation. Finally, Dr. Curtis Milhaupt is currently conducting a comparative research on Mixed Capital Companies and the rules they must abide in Capital Markets around the world, to help Brazilian entities to shed a light on that issue. The research is being sponsored by Bovespa through the facilitation of Columbia Global Centers | Rio de Janeiro.

 

 

CVM's auditorium hosted a lecture by Dr. Kate Judge for over 60 attendees.

 

 

In December 2016, professor Curtis Milhaupt, from Columbia Law School, came to Rio and to São Paulo to present his paper about "Corporate Governance Structures of Mixed Capital Companies", which was co-written by Mariana Pargendler, professor at the Fundação Getulio Vargas Law School. The paper, which was written as a case study covering the evolution of corporate governance and the lessons learned by state-owned companies, focused on the current framework of corporate governance in Brazilian state-owned companies and was presented by the professors at the Brazilian stock market Bm&F/BOVESPA. 

 

Professor Curtis Milhaupt (at left) and professor Mariana Pargendler (at right) at the cocktail following their presentation at Bm&F/BOVESPA.

Columbia Global Centers | Rio de Janeiro
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