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  UNITAR / PFT online course on
'FUNDAMENTALS OF CAPITAL MARKET DEVELOPMENT AND REGULATION'


  Course Information

In today's highly institutionalized and globalized financial markets, careful and progressive development and regulation of capital markets by developing countries and emerging economies will provide a major impetus to sustaining their development efforts and economic growth. This basic course on capital market development and regulation provides a holistic overview of the institutions and challenges facing developing and emerging economies relating to their financial sector development. The impact of too much or too little regulation on financial markets in a globalized world will be discussed and the respective roles of government and private sector presented through case studies and country examples. This course will benefit participants from the public, private, academic and developmental circles. The course is designed not only to initiate newcomers but also to provide experienced persons with practical real world understanding of financial sector development issues through building block examples, group discussions, expert input and peer-to-peer contacts. The key question addressed in this course is: How can the public and private sectors work together to facilitate the flow of capital and investments that stimulate business growth and overall economic development?
   
Registration Status: OPEN
Deadline for Enrollment: when slots are full
Course Dates: February 14 to March 25, 2011
Estimated learning time: Minimum of 35 hours
Format: Online/Internet-based (asynchronous)
Language of Instruction: English
Cost: US $ 400/-
Helpline: UNITAR Geneva (Course Administration and Technical Questions)
 
  Overall Objectives and Expected Outcomes
 

The objectives and expected outcomes will vary depending upon the participants goals and responsibilities. In general, it may be expected that:

Dissemination of knowledge: government officials and private sector participants will gain a comprehensive understanding of how an efficient capital market should be developed and structured;

Analysis of existing regulation: the improved knowledge will permit a thorough examination and analysis of rules and regulations in light of each country's economic circumstances;

Private sector understanding of government concerns: private sector participants will gain a greater understanding of and appreciation for the policy concerns facing government in the regulation of the capital market;

Improved public and private sector cooperation: public and private sector participants will gain a greater understanding for the importance of continuing cross-communication and cooperation;

Improved opportunities for SMEs: new regulatory measures might be considered and implemented to improve the capital-raising opportunities for small and medium-sized businesses;

Improved measures to increase public confidence: new measures will be considered and implemented to improve the public's confidence in the operation and integrity of the capital market.
   
 

  Intended Audience
 


The course content will be structured to emphasize government's role and responsibilities in capital markets. Therefore, we would expect that the participants will principally be drawn from government ministries and agencies most directly involved in capital market matters. This would generally be the Ministries of Finance, Justice, Policy and Planning, and other institutions including State Banks, State Pension and Retirement Funds, State Insurance Funds, Foreign Investment officers, representatives of securities exchanges and staff members of supervising agencies such as capital markets authorities.

Experience in prior workshops has shown that dialogue between public and private sector representatives is highly beneficial to an understanding of respective interests and concerns. We therefore will encourage participation by private sector individuals such as brokers, lawyers, accountants, company directors, and trade organization officers.
 

  Pedagogy
 


This course is designed as an online course in which participants will be primarily responsible for their own learning. Each lesson will consist of the following components:

1) Basic Reading Materials (Compulsory Reading Materials): these materials are intended to educate the participants about the basic concepts and principles applicable to the subject-matter of the lesson. It will include, where appropriate, sample materials. These materials will constitute the required reading materials for the lesson

2) Advanced Reading Materials (Optional Reading Materials): this will consist of optional reading materials for participants who wish to learn more about the topic than what is covered in the lesson.

3) External Links: This will refer the interested participants to additional books, articles, documents, and websites that deal with the issues raised in the lesson.

4) Glossary: A glossary of terms tailored to the online course will be provided to the participants and act as a learning support during the entire course.

5) Quizzes: At the end of each lesson there will be a set of quizzes for participants to answer. These quizzes are designed to test the participant's understanding of the lesson. Participants are required to pass each quiz and obtain at least 80% or more passing grade in order to be eligible for a certificate. All quizzes will need to be taken online.

6) Community Discussion Board: There will be a community discussion board available on which participants can post questions or comments that can be seen by the instructor and the other participants. This discussion board will be moderated by the course director and UNITAR. Structured discussion strings will be posted on a weekly basis.

All successful participants will be eligible to a certificate after completion of this online course.
 

  Course Outline
 


Week I: Introduction to Capital Market Theory and Development

1. Defining the Capital Market
2. Principal Government Institutions
3. Principal Government Policy Issues

Week II: Financial Instruments in the Capital Market
4. Equity: The Basic Capital Investment
5. Debt: For More Risk-Averse Investors
6. Valuation of Share in an Initial Public Offering
7. Unit Trust Offerings

Week III: Creating the Opportunity for Public Offerings
8. Public Sector Infrastructure ---- Part I
9. Public Sector Infrastructure ---- Part II
10. Securities Offerings: The Regulators’ Concerns

Week IV: Public Offerings from the Issuers’ Perspective
11. Securities Offerings: Issuers’ Concerns
12. Transparency — What Does It Really Mean and Require?
13. The Importance of Good Corporate Governance

Week V: The Secondary Market
14. The Stock Exchange: Purpose and Operation
15. Stock Prices and Indices
16. Market Manipulation

17. Developing Public Confidence in Securities Trading

     
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