IOSCO/PIFS-Harvard Law School
Global Certificate Program for Regulators of Securities Markets

The IOSCO/PIFS-HLS Global Certificate Program is a program for regulators of securities markets jointly organized by the International Organization of Securities Commissions (IOSCO) and the Program on International Financial Systems at Harvard Law School (PIFS-HLS). The program has two phases:

• Phase I, administered by IOSCO, consisting of three components: online learning materials; an in-person module on regulation; and an in-person module on compliance
• Phase II, administered by PIFS-HLS, consisting of a one week-long in-person module taught on campus at Harvard Law School

Phase I covers the fundamentals and intricacies of securities regulation and compliance and will be delivered primarily by current or former securities regulators. Phase II is intended to be forward looking with respect to current and future regulatory challenges and emerging issues and will be delivered by leading Harvard academics, securities regulators and leading public policy makers. To ensure a cohesive program that meets the expectations of attendees, both IOSCO and PIFS-HLS share general oversight of the program.

The format of the program includes the use of case studies, hypothetical exercises and group exercises. There are course and pre-course readings, homework exercises and group projects for each phase.

The tuition for Phase I is offered at no cost to IOSCO members. The tuition fee for Phase II is USD 7,000 for participation in all five days of course. Room and board are not included, but a continental breakfast, lunch and coffee breaks during the week will be provided.

The IOSCO/PIFS-HLS Global Certificate Program is offered to all IOSCO members. While any IOSCO member employee may attend the program, it is specifically designed for regulatory staff with strong leadership potential and approximately five to seven years of regulatory experience.

This program is a unique opportunity to bring securities regulators together in a structured yet flexible environment. Participants will share experiences and learn regulatory techniques and strategies that are practical, innovative, and representative of the very latest thought in enhanced securities regulation.

The program is designed with the ultimate goal of immediately helping regulators from all over the world to enhance their skills in protecting investors, ensuring the integrity of the capital markets, and strengthening financial stability.

Participants have up to three years to complete both phases of the Global Certificate Program. Successful attendees will be awarded a joint certificate of participation issued by IOSCO and PIFS-Harvard Law School. Participants are encouraged, but not mandated, to complete the two phases consecutively. We recommend certificate candidates to complete the two weeks in Madrid of Phase I at one time. It is also possible, however, to attend one week this year and the other week within the next 2 years. Also, IOSCO members may attend any part of the program on a non-certificate basis.

Phase I (IOSCO) – Online Learning Materials

• IOSCO Capacity Building Online Toolkit - Risk Based Supervision and Enforcement
• Selected IOSCO pre-course reading materials

Phase I (IOSCO) – Module on Regulation (30 hours)

• The Capital Market System, Regulation, Role of the Regulator, and IOSCO Principles
• The Process of Going Public and Listing Requirements
• Now That You Are Publicly Owned and the Consequences of Responsibilities of Public Ownership
• Transparency, Disclosure and Prospectuses Requirements (Including Duty to Disclose, Duty to Update and Duty to Correct)
• Corporate Governance
• Potential Liability of Issuers, Officers, Directors, Promoters, and Business Judgement Rules
• Accounting and Auditing Issues for Regulators
• Regulation of Investment Funds and Asset Managers
• Case Studies and Practical Exercises
• Broker Dealer Duties to Clients and Breach of those Duties - Including Mis-selling, Fraud, Negligence, Churning, etc.
• Regulation of Retail Financial Services and Handling Customer Disputes and Measure of Damages for Breaches (ADR)
• Regulation of Exchanges, Dark Pools and Credit Rating Agencies
• Regulators and Investor Education
• Limiting the Risk with Risk Based Supervision
• Ethics and Conflicts of Interest
• Creating an Ethical Culture in an Organization
• Risk Management and Regulation
• Other Potential Regulatory Actions and Sanctions for Regulatory Violations

Phase I (IOSCO) – Module on Compliance (30 hours)

• Ensuring Compliance by Conducting Inspections/Investigations?: Why, When, and How
• Compliance Officers and Their Responsibility and Potential Liability
• Elements of Offenses and Documents Needed to Prove those Offenses - Elements of Each Offense
• Conducting the Examination/Investigation: The Plan, Obtaining Documents, and Asking Questions
• Market Manipulation Practical Exercise
• Insider Trading: Defined, and Investigating, Prosecuting and Overcoming the Challenges
• Enforcement Action and the MMoU
• Insider Trading Practical Exercise
• Challenges in Investigating Investment Funds, Hedge Funds and Other Collective Investment Schemes
• Role of Surveillance and Firms Conducting Internal Investigations
• Case Study Fraud and Ponzi Scheme
• Special Challenges in Examining Complex Financial Products - Structured Products, CDS, etc.
• Anti-Money Laundering Case Study and How to Examine AML
• Libor, Forex, and What can be Learned from those Investigations and Actions
• Case Study and Practical Exercises

Phase II (Harvard) – Ahead of the Curve (30 hours)

• Corporate Governance: Overview
• Corporate Governance: The Role of Institutional Advisors
• Corporate Governance: Short and Long-Term Investor Thinking
• Enforcement: Overview
• Enforcement Actions against Companies Versus Individuals
• Enforcement: Civil Versus Criminal
• Enforcement: Federal Versus State or Local
• Market Structure: Importance of Competitiveness
• Market Structure: Development of Private Markets
• Market Structure: Securitization
• Market Structure: Derivatives
• Systemic Risk: Definition and Importance of Systemic Risk
• Systemic Risk: The Role of Securities Regulators: Asset Management and Money Market Funds
• Systemic Risk: Clearing and Settlement Systems
• Risk Based Supervision and Risk Appetites
• Regulatory Structure: Different Models of National Regulatory Structure
• Regulatory Structure: Central Banks Versus Securities Regulators
• Regulatory Structure: Importance of International Organizations

Final content of the program is subject to change.

John Coates

John F. Cogan, Jr. Professor of Law and Economics, Harvard Law School

Research Director, Center on the Legal Profession

Allen Ferrell

Harvey Greenfield Professor of Securities Law, Harvard Law School

Robert Glauber

Adjunct Lecturer in Public Policy, Harvard Kennedy School of Government

Howell Jackson

James S. Reid, Jr. Professor of Law, Harvard Law School

Lewis Kaden

Senior Fellow, Mossavar-Rahmani Center for Business and Government

John Harvey Gregory Lecturer on World Organization, Harvard Law School

Josh Lerner

Jacob H. Schiff Professor of Investment Banking, Harvard Business School

Unit Head, Entrepreneurial Management

Hal Scott

Nomura Professor of International Financial Systems

Director, Program on International Financial Systems

For questions contact the IOSCO General Secretariat at: globalcertificateprogram@iosco.org

The 2020 Phase I at IOSCO and the 2020 Phase II at Harvard have been canceled. The 2021 Phase I and Phase II dates will be announced in due course.