The 2009 Ross Parsons Address in Commercial, Corporate and Taxation Law
5 June 2009
Commentator: Commissioner Greg Medcraft, Australian Securities and Investment Commission (ASIC)
Market integrity is an important issue in current Australian corporate law debate Traditional understandings of "equity" and "debt" contemplate bundled packages of rights (such as economic, control, and other rights) and obligations (such as disclosure obligations). Because of the derivatives revolution, hedge funds, and other factors, the elements of these packages can now be "decoupled." Professor Hu will offer an overview of the decoupling phenomenon itself, an analytic framework that sets out its functional elements and the phenomenon's worldwide significance.
Professor Hu holds the Allan Shivers Chair in the Law of Banking and Finance at the University of Texas Law School. Professor Hu teaches corporate law and securities regulation at the University of Texas and has also taught at Harvard Law School. Interested in law and modern finance, he has written on such matters as bank derivatives; hedge fund and mutual fund regulation; corporate governance; 'decoupling' of debt and equity rights from economic interests; financial rationality and sophistication; global competitiveness of US derivatives markets; model risk; risk management; swaps and other financial innovations; and Warren Buffett. He has testified before Congress on the role of credit default swaps in our financial crisis; on the New York Stock Exchange's going public; and on the collapse of Long Term Capital Management.
Greg Medcraft was appointed as Commissioner to ASIC in December 2008. Greg's responsibilities include Investment Banking, Funds Management and oversight of Exchange Market Operators. Greg is the co-founder of the American Securitization Forum and was its chairman from 2005 until his recent return to Australia. The American Securitization Forum is an industry group representing some 350-member institutions comprising all major stakeholders in the US$1 trillion US securitisation market.
The Ross Parsons Address in Commercial, Corporate and Taxation Law is an annual lecture where a distinguished researcher in the Commercial, Corporate or Taxation law fields is invited to present a lecture at the Sydney Law School. In 2009, there will be two lectures to celebrate the move to the new Law building on the main University of Sydney campus.
Contact: Phillip Raponi
Phone: +61 2 9351 0385