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Fall 2000 Symposium – Regulation of Securities and Security Exchanges in the Age of the Internet

Held: November 3, 2000

Symposium Schedule
12:30 p.m. REGISTRATION
1:00 p.m. Greetings and Opening RemarksJohn Sexton
Dean
New York University School of LawJosiah S. Trager
Senior Symposium Editor
NYU Journal of Legislation and Public Policy
1:15 p.m. Panel I: The Modern Era and Security Trading
This panel will examine how the securities industry is adapting to the shift from the brick and mortar securities houses to new “digital” ones.Moderator:
Geoffrey P. Miller
Professor of Law, NYU Law SchoolPanelists:
James B. Carlson
Partner, Mayer, Brown & Platt
Adjunct Professor, NYU School of Law

Edward H. Fleischman
Of Counsel, Linklaters & Alliance
Adjunct Professor, NYU School of Law

Lance Myers
Partner, Holland & Knight LLP

3:15 p.m. Panel II: Regulation of the Securities and Securities Markets in the Age of the Internet
This panel will continue the discussion from the earlier panel, focusing on what role regulators should, can and will play in the attempt to police and eliminate fraud in a virtual marketplace.Moderator:
Henrik P. Patel (’01)
Article and Note Editor, Journal of Legislation and Public PolicyPanelists:
Mark Crandall
Corporations Counsel,
California Department of Corporations

Eric R. Dinallo (’90)
Bureau Chief,
Investor Protection and Securities Bureau
New York State Attorney General’s Office

Roberta S. Karmel (’62)
Of Counsel, Kelley, Drye & Warren
Professor of Law, Brooklyn Law School*

4:45 p.m. Closing Remarks
David H. Sagalyn
Editor-in-Chief
NYU Journal of Legislation and Public Policy
5:00 p.m. Reception

Background on Internet Securities Exchanges

This Symposium discussed the way that the Internet is changing the paradigms that have governed Securities trading since its inception. When the first security was traded in New York in 1792, the era of the Internet was still two centuries away. Eventually, the marketplace for trading stocks developed and soon, the New York Stock Exchange was born. Other exchanges followed in other cities, and it quickly became apparent that these exchange systems would require rules and regulations to maintain the market and protect the investor.

The Securities Act of 1933 and the Securities Exchange Act of 1934 defined a system, whereby each publicly traded security was closely guarded from its first issuance by the company and as it passed through the doors of well-regulated exchanges and brokerage houses. With the expansion of the Internet, these age-old brokerage houses are no longer confined to the area around the NYSE. They can and do exist all over the country, with a branch office in just about everyone’s den.

The first panel of the Symposium discussed how this transformation from brick and mortar brokerage houses and exchanges to “virtual” ones is redefining the paradigms that have governed the Securities Markets for time immemorial. The second panel explored what regulators will need to do to protect consumers in the new age of securities trading.

A question and answer session followed each panel.

CLE credits were available.

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