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---

Memo to: Wade Parkhouse, Dean, Graduate Studies; and the Senate Graduate Studies Committee

From: Ed Bukszar, Associate Dean, Segal Graduate School of Business

Date: April

30, 2010

Faculty of Business Administration: Master of Financial Risk Management

We are proposing changing the program from 14 required courses to 13 required courses

plus 2 electives (42 units to 4S units).

Rationale: The proposed changes to the Master of Financial Risk Management (MFRM) program are

designed

to produce graduates who can meet the increasing demand for risk professionals with

strong technical (mathematical, statistical and computational) skills.

In addition, the program will

expose candidates

to a selection of topics in the practice of risk management, designed to

complement the technical core.

Elective courses will allow candidates to specialize in either risk management for financial

intermediaries and trading concerns,

or risk management and quantitative portfolio management

within an investment management context.

The proposed

MFRM changes will increase the tuition for the full program from approximately

$24,500 to $26,250. That however is not the intent of the changes. If this incidental price increase

for the

MFRM program is seen as a barrier to acceptance of the changes being proposed, we will

reduce the price per unit to maintain the current program-price. It should be noted however that

the three-unit increase in contact hours increases

our instructional costs. By maintaining the

current price per unit

we would be able to recover those additional costs.

We

are proposing two new courses: BUS 801.3 (Financial Modeling Tools) and Bus 824-3:

(Law

and Regulation of Financial Institutions)

Rationale: BUS 801-3 (Financial Modeling Tools): This course is part of a two-course sequence in

computational finance.

BUS 801 is the 'principles' course leading to the intermediate/advanced

course,

BUS 857 (Numerical Methods). The addition of this course facilitates the increased

emphasis on technical material.

Bus 824-3: (Law and Regulation of Financial Institutions): The course is an essential component of

a risk management program. This is a course

of great relevance in light of recent events (e.g. SEC v

Goldman

Sachs).

The two, new courses will be taught by sessional instructors from the private sector. The goal of the

program

is to prepare students for careers in financial risk management and related functions

---

(asset management. treasury. financial regulation. etc.). To that end. the program combines

rigorous theoretical instruction by faculty

members with the practical (applied) knowledge of

leading professionals. experts in their respective fields.

We are proposing to increase the credit hours of BUS 823-2 and BUS 867-2 to 823-3 (Equity

Security Analysis and Portfolio Management II) and 867-3 (Accounting for Financial

Instruments).

823-3 (Equity Security Analysis and Portfolio Management

II):

A full. second course is required for

students in investment management to cover the appropriate amount of advanced material.

867-3 (Accounting for Financial Instruments): A full course is required such that candidates (many

of whom will have no accounting background) can devote sufficient time to studying the accounting

implications of complex financial transactions such

as securitization.

We are proposing to change the names of:

BUS 802-3 from (Foundations of Financial Economics) to (Financial Economics I)

Rationale: To clarify the seq uen tial nature of Bus 802 and Bus 805 (Financial Economics II)

Bus 805-3 from (Capital Markets) to (Financial Economics

II)

Rationale: To clarify the sequential nature of Bus 802 (Financial Economics I) and Bus 805

(Financial Economics II)

Bus 809-3 from (Equity Security Analysis and Portfolio Management) to (Equity Security Analysis

and Portfolio Management I)

Rationale: To clarify the sequential nature of bus 809 (Equity Security Analysis and Portfolio

Management I) and Bus 823 (Equity Security Analysis and Portfolio Management II)

Bus 823 from (Introduction to Security Analysis) to (Equity Security Analysis and Portfolio

Management II)

Ratipnale:

To clarify the sequential nature of bus 809 (Equity Security Analysis and Portfolio

Management I) and Bus 823 (Equity Security Analysis and Portfolio Management II)

---

Bus 814-3 from (Derivative Securities) to (Derivative Securities I)

Rationale: To clarify the sequential nature of Bus 814 (Derivative Securities I) and Bus 818-3

(Derivative Securities

Il).

Bus 818-3 from (Advanced Topics in Business Finance) to (Derivative Securities 11)

Rationale: To clarify the sequential nature of Bus 814 (Derivative Securities I) and Bus 818-3

(Derivative Securities

11).

Bus 816-3 from (Investment Policy) to (Strategic Asset Allocation)

Rationale: To show consistency with course material

that focuses on the theory and practice of

asset allocation.

Bus 866-3 from (Enterprise-wide Strategic Risk Management) to (Enterprise Risk Management for

Financial Institutions)

Rational: Consistency with course material

that focuses on financial institutions.

---

MFRM (Financial Risk Managelnent) Program

Current 2009/10

The rapid globalization of business and escalat-

ing volatility of financial

markets has increased

demand for professionals with skills to effec-

tively

manage financial and non-financial risks

tha~

are faeiag fifms. The study of both types

of risk makes the master of financial risk man-

agement

(MFRM)

unique in Canada.

MFRM

graduates will have a solid grounding in the fun-

damentals of finance, asset pricing, credit, mar-

ket,

operatioaal and enterprise wide strategie

risk management. They measure, mitigate and

learn to manage such risks in the global busi-

ness arena.

The program reflects current trends

in the finance industry and continues the Uni-

\'ersitys

heritage of innmration. The program

consists of three full-time terms.

Admission Requirements

Admission is based on the following.

• a four year undergraduate degree in busi-

ness, commerce, economics,

mathematics,

physics or other suitable quantitatively

oriented programs. Candidates holding a

professional designation such

as a

PRM

or

FRM

and evidence of strong mathemat-

ics competency would also be ideal can-

didates.

Students with a strong mathe-

matical

aptitude who have completed the

graduate diploma in business administra-

tion offered by the University would be

qualified for admission consideration

• preference is given to qualified candidates

with at least two years of work experience

• an in-person or telephone interview with

the admissions committee

• proficiency in the English language.

The admissions committee reserves the right

to waive qualifications in exceptional circum-

stances.

Proposed 2010/11

The rapid globalization of business and escalat-

ing volatility of financial markets

has increased

demand for professionals with skills to effec-

tively manage financial

and non-financial risks

facing financial institutions, in particular, and

firms in general.

The study of both types of risk

makes

the master of financial risk management

(;\lFRM)

unique in Canada.

MFRM

graduates

will have a solid grounding in the fundamentals

of finance, asset pricing, credit,

market and

enterprise risk management. They measure,

mitigate and learn to manage such risks in the

global business arena.

The program reflects

current trends in the finance industry and con-

tinues the Cniversitys heritage of innovation.

The program consists of three full-time terms.

Admission Requirements

Admission is based on the following.

• a four year undergraduate degree in busi-

ness, commerce, economics, mathematics,

physics or

other suitable quantitatively

oriented programs.

Candidates holding a

professional designation such as a

PRM

or

FRM

and evidence of strong mathemat,-

ics competency would also

be ideal can-

didates.

Students with a strong mathe-

matical

aptitude who ha\'e completed the

graduate diploma in business administra-

tion offered by the University would be

qualified for admission consideration

• preference is given to qualified candidates

with at least two years of work experience

• an in-person or telephone interview with

t.he admissions committee

• proficiency in the English language.

The admissions committee reserves the right

to waive qualifications in exceptional circum-

stances.

I

---

Current 2009/10

Application

Beyond general University graduate require-

ments, including demonstration

of English lan-

guage competency when

an applicants previous

education has been in a language other than

English, applicants must submit the following

documentation.

• application for admission to the MFRM

program

• graduate management admission test

(GMAT) score report or the graduate

record exam

(G RE)

• a transcripts of grades from a four year

undergraduate degree, mailed directly

from the granting institution

• three confidential letters of reference,

mailed directly from the

referees

•

a recent passport style photograph

• a current curriculum vitae

Financial Assistance

See "Financial Aid for Graduate Students"

"m1'

page 229 for information about scholarships and

awards

that are available to graduate students.

Proposed 2010/11

Application

Beyond general University graduate require-

ments, including demonstration of English lan-

guage competency when an applicants previous

education has been

in a language other than

English, applicants must submit the following

documentation.

• application for admission to the MFR:Vl

program

• graduate management admission test

(GMAT) score report or the graduate

record exam (G RE)

• a transcripts of grades from a four year

undergraduate degree, mailed directly

from the granting institution

• three confidential letters of reference,

mailed directly from the referees

• a recent passport style photograph

• a current curriculum vitae

Financial Assistance

See "Financial Aid for Graduate

Students"~·

f1age 229 for information about scholarships and

awards that are available to graduate students.

/

---

Current 2009/10

Degree Requirements

A minimum 3.0 grade point average (Y tSFsele)

is required and completion of

~

units including

BUS 802-3 Financial Economics

BUS 803-3 Financial Econometrics

BUS 805-3 Capital },Iarltets

BUS

810-3 Fixed Income

BUS 814-3 Derivative Securities

BUS 818-3 Ad'.aneed Topies iR Busffiess

FiHaRee

BUS 857-3 Numerical Methods

BeS 863 3 OperatioRui ruslE

MaRagemen~

BUS 864-3 Credit Risk Management

BUS 865-3 Market Risk Management

BUS 866-3 EnteFprise wide Strategic Risi{

b'.IaRagcfAcat

BUS 868

3 Perspcctives OR Risi{ aad Jasuranee

YUS 869 3 Topies in rush Mfmagemeat

BUS 870-3

Final Project

Proposed 2010/11

Degree Requirements

A minimum 3.0 grade point average

is required and completion of

45

units including

Required Courses:

BUS 801-3 Financial Modeling Tools

BUS 802-3 Financial Economics!

BUS 803-3 Financial Econometrics

BUS 805-3 Financial Economics

II

BUS 809-3 Equity Security Analysis and

Portfolio Management

1

.

BUS 810-3 Fixed Income Security AnalysIs and

Portfolio Management

BUS 814-3 Derivative Securities

!

BUS 818-3 Derivative Securities

II

BUS 824-3 Law and Regulation of Financial

Institutions

BUS 857-3 Numerical Methods

BUS 864-3 Credit Risk Management

BUS 865-3 Market Risk Management

BUS 870-3 Final Project

Elective Courses:

One of:

BUS 866-3 Enterprise Risk Management for

Financial Institutions

BUS 816-3 Strategic Asset Allocation

and one of:

BUS

867-3

Accounting

for

Financial

Instruments

BUS 823-3 Equity Security Analysis and

Portfolio Management II

.;

---

Courses

The following courses arc offered for the mas-

ter of financial risk management program: BUS

802*,803*,805*,810*,814*,818,857,~864,

865, 866, 868, 8&9; 870.

*a.lse

e~red

£OF the MB.'.. ia glebo:l-esseHlRd

wealth mnaagemeat;

Courses

The following courses are offered for the mas-

ter of financial risk management program: BUS

801, 802, 803, 805, 809, 810, 814, 816, 818,

823, 824, 857, 864, 865, 866, 867, 870. Subject

to approval by the Academic Director, one

BUS SOO-level course (or more) not listed here,

may

be substituted for one required course (or

more).

/

---

lVlaster of Financial Risk Management (lVIFRlVI)

New Courses

BUS 801-3 Financial Modeling Tools

BUS 824-3 Law and Regulation of Financial Institutions

Changes

BUS 802-3 Financial Economics I (title)

BUS 805-3 Financial Economics II (title, description)

BUS 809-3 Equity Security Analysis and Portfolio Management I (title, description)

BUS 814-3 Derivative Securities I (title)

BUS 816-3 Strategic Asset Allocation (title, description)

BUS 818-3 Derivative Securities II (title, deseril'tieH1

BUS

823-3 Equity Security Analysis and Portfolio Management Il (title, description,

units, prerequisites)

BUS 866-3 Enterprise Risk Management for Financial Institutions (title, description)

BUS 867-3 Accounting for Financial Instruments (units)

---

SIMON FRASER UNIVERSITY

NEW GRADUATE COURSE PROPOSAL FORM

When a department proposes a new course it must first be sent to the chairs of each facility graduate program

committee where there might

be an overlap in cOllrse content. The chairs will indicate that overlap concerns have

been dealt with by signing the appropriate space

or via a separate memo or e-mail (anael,). The new course

proposal musI also be sent

10

the Library for a report.

Once overlap concerns have been dealt With. signatures indicate approval by the department. home faCility and

Senate Graduate Studies Committee.

Department or School:

~B~us~i~n~es~s~

________________________________________________ __

Proposed course number and title:

BUS

801-3

Financial Modeling Tools

Other Faculties:

Other Faculties approval indicates that the Deall(s) or designate of other FaCilities aJJec/ed by the proposed new

course support(s) the

approml of the new course.

Name of Faculty

Signature

Date

Name of Faculty

Signature

Date

Name of Faculty

Signature

Date

Name of Faculty

Signature

Date

Name of Faculty

Signature

Date

Departmental approval

(non-departmentalized faculties need not sign)

Department

Graduate

Program

Committee

Signature

--------------------------------------

Date

Department

Chair

Signature

--------------------------------------

Date

Faculty

approval

Faculty appro\'al indicates that all the necessary course content and overlap concerns /rave been resolved. and that

the FacultylDepartment commits to pro\'iding the required Library funds

and any other necessary resources

C

omnutt

"~-?

-

!P

/..'

Date

~--~~---=~~~~~~-----

Faculty Graduate Prog

Signature

Signature

SGse approval indicates that the Library report has been seen. and all resource issues dealt wilh. Once approved.

new course proposals are sent to Senate for in/onnation.

SENAT< CiAAOVAT£STUOIESCOMMITTEE FORM

1/2

NEWCRS-PPfORM REV

FEB

132008RTF

---

NEW GRADUATE

COURSE

PROPOSAL

FORM

Subject: .:;;,.8.::.U.::.S ___________

,(max.

4

chars)

Catalog Number:

_80_'_-_3 ____ _

Course Title: Financial Modeling Tools

(mar:. 80 char.)

Short Title

(appears on transcripts etc.)

.;..F_in..;.;a..;.;n..;.;c:....ja::.;..I:....M~o_de.;;..l:....in-'g~

_____________ (m(Jx.:!j

char.)

Course Description for Calendar:

(append a course outline as a separate document)

An introduction to elements of mathematics and computational techniques employed in finance and

inancial risk management. An introduction to programming tools. e.g. VBA, MaUab. and an object

oriented programming language (e.g. C++).

Units:

------

3

Available Course Components:

(select all that apply)

~Lecture

OSeminar

o

Laboratory

OPracticum

Prerequisites:

(if

an>~

Campus at which course will be offered: The Segal Graduate School of Business

Estimated

Frequency

Enrolment:

of course offering:

60

once a year

The term course

will

first be offered:

-----------

'0-03

Grading

Basis:

~Graded

OSatisfactory/Unsatisfactory DIn Progress/Complete

Justification:

he course is an integral component of the revised Master of Financial Management program. The

evised program places greater emphasis on applied computational and quantitative techniques.

Resources:

Faculty membcr(s) who will normally teach this course:

(append information about their competency to teach the course)

Philip Goddard. PhD (sessional instructor)

Number

of additional faculty members required in order to offer this course: ..;;.0 _________ _

Additional

space required in order to ofter this course:

(append details)

_N_o_n_e __________ _

Additional specialized equipment required in order to offer this

course:

(append details)

None

Additional Library resources required:

(append details)

Annually

$

_0 ____ One-time S .;;..0 ___ _

If

additional resources are required to offer this course, the department proposing the course shollld be prepared to provide

information

on tire .rource(s) of those additional resources

Upon

approval ufthe course propusal, the Dean ofGradtlClte Studies office will consult with the department or schuol regarding

other course attriblltes that may be required to enable the proper entry of the new course in the stude"t record system.

SIMONFRASER

UNiVERSITY

SENATE GRADUA uS TUOIES

COMMmEE FORM

---

SIMON FRASER UNIVERSITY

Master of Financial Risk Management

Course:

Business 801-3

Semester:

Fall 2010

Title:

Financial Modeling Tools

Instructor: Philip Goddard

Office:

Description

This course is an introduction to elements of mathematics and computational techniques

employed in finance and financial risk management.

The following programming tools are

employed:

~1icrosoft

Excel VBA, MATLAB and C++.

Outline

1. Introduction to Programming Tools

• MS Excel Visual Basic for Applications

• MATLAB

• C++

2. Elements of Numerical Analysis

• Systems of linear equations

• Function approximation and interpolation

• Systems of non-linear equations

3. Numerical Integration: lVlonte Carlo Methods

• Generating pseudorandom variates

• Variance reduction techniques

• Quasi Monte Carlo simulation

• Application: Option pricing by Monte Carlo methods

4. Optimization

• Unconstrained convex optimization problems

• Constrained convex optimization problems

• Linear programming

• Application: Portfolio optimization

---

Recommended Texts

Bourg, David,

Excel Scientific and Engineering Cookbook,

O'Reilly, 2006.

Brandimarte, Paolo,

Numerical J\-[ethods in Finance and Economics: A MATLAB

Based Introduction,

Wiley, 2006.

Jackson, Mary and Mike Staunton,

Advanced J\Ilodelling in Finance using Excel and

VB.4,

John Wiley & Sons, 2001.

London, Justin,

Modeling Derivatives Applications in MATLAB, C++, and

Exce~

FT Press, 2007.

Roman, Steven,

Writing Excel JHacros with VBA,

2nd ed., O'Reilly & Associatcs,

2002.

---

PROFILE

GODDARD CONSULTING Inc.

--!!!!Ai

... _

•

_

~~_.

__ C:._.

Philip Goddard, PhD.

395 Rainbow Rd, Sail Spring Island. BC. VSK2M.t

phil@goddardconsulting.ca

Project manager and software developer with extensive experience designing and implementing

custom applications that meet the

needs of clients in a broad range of business sectors.

AREAS OF EXPERTISE

• Numerical modelling and simulation

• Software development and teaching

• Optimization and statistical analysis

• Graphical user interface (CUI) design

• Project management

• MATLAB, Simulink, C, C++, VBA, Java

• Control system design

• SQL, ORACLE

(0040),

FAME, Kdb+

PROFESSIONAL EXPERIENCE

2003 - present

President and Principal Consultant,

Goddard Consulting, B.C., Canada.

• Software developer and trainer, specializing in the design, development and deployment of custom

applications for numerical analysis, simulation and control system design.

• Clients include companies in the automotive, communications, financial services, human resource,

pharmaceutical, resource development and telecommunications business sectors.

• Expert in a variety of techniques and methodologies for mathematical modelling and simulation,

numerical optimization, statistical analysis, user interface design and designing and implementing

real-time control systems.

• Projects include applications for (financial) asset allocation, stress testing and technical charting;

visualization

of 3-dimensional geotechnical datasets; motor vehicle engine, suspension and stability

control; and synchronization of data transmission in communications systems.

• Experience in deploying applications on desk-top, real-time, client-server, and hand-held/smart-

phone devices.

2006- present

Visiting Lecturer, Segal School of Business

Simon Fraser University,

B.C., Canada.

• For one semester per academic year, teach BUS857 (Numerical Methods and Structures) within the

Financial Risk Management program .

• This course concentrates on the mathematics behind using lattice, Monte-Carlo and finite

difference techniques for pricing derivative instruments.

• Have taught BUS803 (Financial Econometrics) within the Global Asset and Wealth Management

program .

• This course concentrates on the statistical techniques used in regression analysis.

2001 - 2003

Manager, Financial Practice, Consulting Services,

The MathWorks Inc., Massachusetts,

USA.

• Manager of small teams of consultants designing, implementing and delivering custom add-on

applications to users of The MathWorks suite of (mathematical) software tools.

• Responsible for all client relations, project management, implementation, sales and marketing

activities related

to the financial consulting practice.

• Member of the advisory board overseeing the development, sales and marketing strategy for the

company's financial software products.

!S. __

• Clients included portfolio managers at energy marketing and trading companies, forex hedge funds,

fixed-income and equity mutual funds, credit rating agencies, central banks, and private client asset

managers.

• Developed desktop and web-deployed tools for time-series analysis, analysis of equity and derivative

portfolios and

COO's, including database access, modelling, optimization, Monte Carlo simulation.

stress testing and performance and VaR analysis.

39~

Rambo .. Rd.

~

Spring

1_. VSK 21.44. B.C .• Canada.

. ::s

---

GODDARD CONSULTING Inc.

._-====

==

---=-- --

... =u

.. "- =.

• Responsible for researching the technical requirements of businesses in new target sectors, such as

petrochemical, transportation

and manufacturing, and helping to plan strategic efforts to penetrate

these markets.

• Developed simulation models and real-time code for clients in the aerospace and petrochemical

business sectors.

1998 - 2000

Senior Application Engineer,

The MathWorks Inc. Massachusetts, USA.

• A multi-functional role, providing advanced engineering support and guidance to The MathWorks

North American and international sales

and marketing organizations.

• Demonstrated the benefits and explained the use of software tools to North American and

international audiences of

up to several hundred prospective and current customers.

• Developed a range of advanced applications from graphical user interfaces to mathematical analysis

for a variety of clients in the financial services, aerospace, automotive and petrochemical business

sectors.

• Developed and taught advanced training courses covering a complete range of The MathWorks

products including

MATLAS, its advanced analysis toolboxes, Simulink, Stateflow and Real-Time

Workshop to both new

and experienced users.

1995 -1996

Senior Guidance and Control Engineer,

British Aerospace Dynamics

ltd, U.K.

• Principal roll-yaw autopilot design engineer on work responding to Ministry of Defence

requirements for a future medium range missile system.

• Researched the application of modern robust control techniques to missile autopilot design.

• Proposed and convened an intra-SAc technical forum on controlf autopilot design issues.

1991

Graduate Instrumentation Engineer,

Woodside Offshore

Petroleum Pty ltd, Perth, Australia.

• Undertook a statistical survey of failure rates of safety critical equipment on Woodside's liquefied

natural gas (LNG) processing plant.

• Broad exposure to the

op~rations

of offshore exploration and production platforms and the general

environment encountered in the oil

and gas industry.

1991 -1995

Undergraduate Supervisor, Department of Engineering,

University

of Cambridge, Cambridge, U.K.

• Supervising and laboratory demonstration to final year undergraduates.

TERTIARY EDUCATION

1991-1995

Doctor of Philosophy in Control Engineering,

University

of Cambridge, Cambridge, U.K.

• Thesis title: Performance-Preserving Controller Approximation.

• Researched and developed the use of multivariable robust control techniques with particular focus

on H-infinity robust control law design

and approximation.

• Primary author of 5 technical papers.

• President of the Cambridge University Australian Society and Treasurer of the Trinity College Punt

Scheme.

1987 -1990

Bachelor of Engineering (Electrical, First Class Honours),

University of Western Australia, Perth, Australia.

• Top Graduate in the Electrical Engineering stream

• Recipient of the Gledden Scholarship for Postgraduate Study Abroad (1991-199'1).

• Primary author of 2 technical papers.

395 Raorbow

R~.

Sall

Splng

l>lore!. vaK 21.14. B c .• Canada.

Pnon.: 2SO.5J7.5104

. 55

---

SIMON FRASER UNIVERSITY

New GRADUATE COURSE PROPOSAL FORM

When a department proposes a new course it must first be sent to the chairs of each faculty graduate program

committee where there might be an overlap in course content. The chairs will indicate that o\'erlap

cOl/cerns have

been dealt with by signing the appropriate space or via a separate memo

or e-mail (anach). The new course

proposal must also be sent

to the Library for a report.

Once overlap concerns

have been dealt With. Signatures indicate approval by the department. home faculty and

Senate Graduate Studies Committee.

Department or School:

=B=us~i~n=es~s~

________________________________________________ __

Proposed course number and title: BUS 824-3 Law and Regulation of Financial Institutions

Other Faculties:

Other Faculties approval indicates tltat the Dean(s) or designate of other Facullies aJTecred by the proposed I/ew

course support(s) the appro\'al of the new course.

Name of Faculty

Signature

Dalc

Name

of Faculty

Signature

Date

Name

of Faculty

Signature

Dale

Name

of Faculty

Signature

Datc

Name

of Faculty

Signature

Datc

Departmental approval

(non-departmentalized faculties need not sign)

Department Graduatc Program Committee

Signature

--------------------------------------

Date

Department Chair

Signature

--------------------------------------

Date

Faculty

approval

Faculty approval indicates that all the necessary course content and overlap concerns have been resolved, and that

the Faculty/Department commits to providing

...

-,

the required Library funds

and any other necessary resources

ommittee/

.,/

Signature

./' _

Date

s-- /

7 - /

L)

Signature

SGse approval indic(l/CS that tire Library report has been seen. and all resource issues dealt wilh. Once approved.

new course proposals are sent

to Senate for i'!formation.

SENATE GRADUATES TUDIES COMMIITEE FORM

1/2

NEWCAS'PPfORM REV FEe 132008RTF

---

NEW GRADUATE

COURSE

PROPOSAL

FORM

Subject: BUS

(max.

4

chars)

Catalog Number: .=.82=-4.:....".::.3 ____ __

Course Title: Law and Regulation of Financial Institutions

(max. 80 char.)

Short Title

(appears on transcripts etc.)

Law and Regulation

(max.

25

char.)

~------~-----------------------------

Course Description for Calendar:

(append a course om/inc as a separate document)

fc\ review of securities law in Canada, US and the EU. Overview of how, and

by

whom, financial

ntermediaries are regulated. Canada: Bank Act, Bank of Canada. OSFI. US: Federal Reserve. SEC.

pcc,

FDIC. etc.

Units: .::.3 ____ _

A vailable Course Components:

(select all that

appl}~

i!lLccture

DSeminar . DLaboratory

DPracticum

Prerequisites:

(if any)

Campus at which course will be offered: The Segal Graduate School of Business

Estimated Enrolment:

60

The term course will first be offered:

---------------

10-03

Frequency of course offering: _A_n_n_u_a_' ___ _

Grading Basis:

~Graded

DSatisfactory/Unsatisfactory DIn Progress/Complete

J ustification:

~

sound understanding of the laws governing financial institutions. and the theory and practice of the

egulation

of financial institutions is essential for the modern risk manager.

Resources:

Faculty member(s) who will normally teach this course:

(append information aboullheir compeunC)'

10

leach lhe course)

Mikhaillliev,

J.D.

(Sessional

Instructor)

Number of additional faculty members required in order to offer this course:

.::.0 ________________ _

Additional space required in order to offer this course:

(append details)

_N_o_n_e ____________ _

Additional specialized equipment required

in order to offer this course:

(append details)

None

Additional Library resources required:

(append details)

Annually

$

_0 ____ One-time

$

.:,.0 ___ _

If additional resources are required to offer this course. the department proposing the cOllrse should be prepared to provide

information on the source(s)

of those additional r.:.rollrces.

Upon approval of the course proposal. the Dean of Graduate Studies office will consult with the department or school regarding

other course a/tributes that may be required

to enable the proper entry of the new course in the student record system.

SIMONFRASER

UNIVERSITY

SENATE GRADUATE

5

TUOIES COMMITTEE

FORM

---

SIMON FRASER UNIVERSITY

Master of Financial Risk Management

Course:

Business 824-3

Semester:

Title:

Law and Regulation of Financial Institutions

Instructor: lvlikhail Iliev

Office:

Description

A review of securities law in Canada, US and the EU with a focus on how, and by whom,

financial intermediaries are regulated.

Particular modules include (A) Canada. with a focus

on the

Ontario Securities Act, the Ontario Securities Commission, the Bank Act and the

Bank of Canada and the

Office of the Superintendent of Financial Institutions, (B) the US,

with a focus on the Federal Reserve, the 1933 Act, the 1934 Act, Securities and Exchange

Commission, the Bank Holding Act, the Office of the Comptroller

of

the Currency and

others, and

(C) the EU, with a focus on various regulatory Directives, the ED central

Bank, and the Financial Services Authority and the Bank of England

in the

UK.

During

the course students

will gain a practitioners point of view of the securities laws relevant to

investment intermediaries.

Outline

1. Canadian Securities Laws and Oversight of Financial Intermediaries

• Provincial regulation; no unitary national regulator

(d.

US federalla\\ls)

• What is a security?

• The CSA, SEDAR and SED!

•

Regulation of non-bank investment dealers IDA and Market Regulation Services

Inc.

• Regulation of non-bank Mutual Fund Dealers

• The Bank Act and Bank of Canada unified bank regulator (cf. fragmented US

regulation of banks)

• Self-Regulating Entities (SROs) - Toronto Stock Exchange and Montreal Stock

Exchange

2. US Federal Securities Laws

• US Securities Law of 1933 and US Securities Exchange Law of 1934

- Relevant sections for broker dealers

- Sources of liability and Section lO(b)

• US Investment Advisors Act of 1940

- \Vhat is an investment adviser

---

- Overview of registration and disclosure requirements

- Fiduciary duty

- Section 206

•

The SEC, FINRA, New York Stock Exchange

- Role of the SEC FINRA. regulation Pi"YSE

• liS Investment Company Act of 1940

- \Vhat is an investment company?

- Exemptions from the Act

• Bank Regulation

-

~lultiple

Regulators: Federal Reserve, the OCC. the FDIC, the OTS

- l"ew Regulatory regime

• rs Federal Preemption of state securities laws

3. European Union Securities Laws and Regulation

• The

EU

Prospectus And Transparency Directives

• Committee Of European Securities Regulators (CESR) and Committee of Euro-

pean Banking Supervisors

(CEBS)

•

The European Central Bank and the Bank of England

• SROs in Europe

4. Formation and regulation of hedge funds

5. Principles of Future Financial Regulation Harmonization, Transparency

and Coordination

Recommended Texts

International Securities Law Handbook, edited by Jean-Luc Soulier and Marcus Best,

authored by

World Law Group Member Firms. 2nd ed. Kluwer Law International,

2005.

International Capital Markets and Securities Regulation, ed. by Harold S. Bloomen-

thai and

Samuel \Volff. Rev. cd. West Group, 2003 (loose-leaf).

International Securities Regulation.

Stock Exchanges of the World: Selected Rules &

Regulations. Robert C. Rosen, general editor. Oceana Publications, 1993 (loose-leaf).

Martindale-Hubbell International Law Digest. LexisNexis (INTDIG)

Regulation of International Finance, by

Philip R. Wood. Sweet

&

Maxwell, 200i.

International Capital Markets and Securities Regulation, by Harold S. Bloomenthal,

in The Law of Transnational Business Transactions, ed. by Ved P. Nunda and Ralph

B. Lake. Thompson/West, 2003.

S

Valdez, Introduction to Global Financial Markets, 5th ed, 2007.

---

EXPERIENCE

LWB GROUP, LLC

Legal Counsel

MIKHAIL

I.

ILIEV

127 WI5th Street, Apt. 3F

New

York, New York 10011

Tel.: (646) 267 9426; email: mishoI938@yahoo.com

,'lew York. NY

June 2009

-

preselll

Providing legal services to a startup broker-dealer and financial services company including compliance with the

Investment Advisors Act

of 1940. the Securities Exchange Act of 1934 and other regulatory regimes.

SIMON FRASER UNIVERSITY, SEGAL GRADUATE SCHOOL OF BUSINESS

Guest Faculty

Vancouver. Canada

October. 2009

Taught graduate business students an intensive course on the basics of US securities regulation for investment managers

including the Securities Exchange Act

of 1934, the Investment Company Act and the Investment Advisers Act.

KBC

FINANCIAL PRODUCTS

,Vew

York. NY

Senior Vice Presidt!lII

September

2007

-

.\fay

2009

Covering the alternative investments desks including fund derivatives, COO and insurance financings desks, which role

included:

Developing transactional structure with senior executives, drafting and negotiating complex derivative lending

instruments, such

as swaps and call options, with fund of funds and hedge funds, as well as multi-million dollar

lending facilities for the finn's premium financing desk.

Structuring a multi-million dollar management spin-off of the company's insurance/lP subsidiary with the

company's CFO and senior executives, and drafting and negotiating the transaction documents with outside

counsel and private equity group.

.

*Please see attached "Representative Transactions" for detailed summary of corporate work

DEWEY & LeBOEUF LLP

New l'ork. NY

Corporate Associate

September

1999

-

September

2007

Lead associate in large domestic and international placements of securities, structured financings, capital markets and

derivatives transactions for

the finn's insurance industry clients with extensive client contact and primary responsibilities

for all aspects

of the transaction, including due diligence review, developing transaction structures with senior executives

and their financial advisors, preparation, negotiation and execution

of definitive transaction documents, analysis of legal

issues, supervision of junior attorneys and coordination with local and special counsel. Extensive experience advising

clients on the

Securities Act of 1933, the Securities Exchange Act of 1934 and the regulations thereunder.

•

Domestjc and Internatjonal Placements ofSecuritjes experience includes negotiating, drafting and executing

global

multi.billion dollar debt issuances, managing twelve Medium-Term note issuance programs both in the U.S.

and offshore for many leading life insurance companies, and assisting a client in an initial public offering.

Structured Financing. COO and Capital Markets experience includes representing major insurance companies in

complex Catastrophe Bond issuances, AXXX and xx.X reserve funding transactions and collateralized debt

obligation transactions.

Swaps and Derivatives experience includes drafting and review of ISDA swaps and derivative agreements

including interest rate swaps, total return swaps and credit default swaps.

*Please see attached "Representative Transactions" for detailed summary of corporate work

EDUCATION

NEW YORK UNIVERSITY SCHOOL OF LAW, New York, NY

J.D., 1999 Diploma topic: Historical analysis of creditor-debtor law in common law regimes.

BATES COLLEGE, Lewiston, ME

B.A.

magna cum laude,

Economics and Philosophy Majors, May 1996

Honors: Bates

College Key, Phi Beta Kappa, Dean's List

ACTIVITIES

METROPOLIS ENSEMBLE

Member o/the Board 0/ Directors and Treasurer

New York. NY

Fall 2006

-

present

Co-founder and board member of a successful non-profit professional chamber orchestra for new classical music.

BAR ADMISSIONS

New York (2000).

---

REPRESENTATIVE TRANSACTIO:-.JS

Representative KBC FP Transactions

Lead in-house counsel in connection with three multi-million dollar programs for premium finance lending with

leading national premium finance

hmders. Representation entailed developing transactional structure with the

company's

CFa and CAa, as well as senior executives, opposing counsel, special tax counsel and local insurance

counsel; review and analysis

of state insurance laws relating to premium lending, insurable interest and licensing;

and drafting and negotiating the premium finance lending agreement, collateral agreements and ancillary

documents.

•

Lead in-house counsel in connection with KBC FP's 536 million divestiture of one of its life insurance derivative

structuring units to management and private equity investors. Representation entailed developing transactional

structure with company's

CFO and CAa, as well as senior executives, opposing counsel and special tax counsel;

and drafting and negotiating the teml sheet.

IP Purchase Agreement and other transaction documents.

Lead in-house counsel

in connection with the establishment ofa $700 million lending facility with a major U.S.

investment bank providing the bank with exposure to various fund of funds. Representation entailed developing

transactional structure with the company's

CFa and CAO, as well as senior executives, opposing counsel and

special tax counsel; and drafting and negotiating the

[SOA call option confirmation, pledge agreement, collateral

account agreement and

ancillary documents.

Lead in-house counsel in connection with the establishment

of a 5500 million lending facility with a major U.S.

private equity fund of funds. Representation entailed developing transactional structure with the company's CFa.

as well as senior executives, opposing counsel and special

tn.'I:

counsel; and drafting and negotiating the ISDA call

option confirmation, pledge agreement. collateral account agreement and

ancillary documents.

Representative Dewev & LeBoeuf LLP Transactions

Public

and Pri"ate Placements of Securities:

Lead associate representing a top ten U.S. insurance company in connection with its $17 billion Medium Term

Note

Program for the issuance of Regulation S and Rule 144A Notes. Rllpresentation entailed structuring the

program with senior executives,

ta'l: and local counsel. drafting and negotiating the offering memorandum,

indenture, purchase agreement and ancillary documents. as well as overseeing all shelf takedown issuances

of

securities under the program.

Lead associate representing a major international insurance company

in connection with its $10 billion Medium

Term Note Program for the issuance

of Regulation S and Rule 144A Notes. Representation entailed structuring

the program with senior executives,

tax and local counsel, drafting and negotiating the offering memorandum.

indenture, purchase agreement and

ancillary documents, as well as overseeing all shelf takedown issuances of

securities under the program.

Lead associate representing a major Canadian insurance company in connection with its $3 billion Medium Term

Note Program for the issuance

of Regulation S and Rule 144A Notes. Representation entailed structuring the

program with senior executives,

ta'l: and local counsel, drafting and negotiating the offering memorandum,

indenture, purchase agreement and

ancillary documents, as well as overseeing all shelftakedown issuances of

securities under the program.

Assisted in representation

of Biopure Corporation in its initial public offering, as well as its follow-on offering of

equity securities.

Capital

Markets and Structured Finance/M&A Transactions:

Lead associate representing a major financial guarantor on a

$300 million issuance of residential mortgage backed

securities. Representation entailed reviewing and negotiating the offering memorandum and indenture, as well as

ancillary documents on behalf

of guarantor.

---

Lead associate representing a major international life insurance company in a S900 million AXXX reserves

Variable Funding Note and Total Return Swap facility. Representation entailed drafting and negotiating the

purchase agreement, surplus note agreement, and complex total return swap confinnation.

Lead associate representing a major international life insurance company on a

$750 million securitization of XXX

reserves. Representation entailed drafting and negotiating the offering memorandum, purchase agreement, surplus

note agreement, indenture and complex total return swap confinnation.

Lead associate representing a major u.s. property and casualty insurance company in a $200 million Catastrophe

Bond securitization. Representation entailed drafting and negotiating the offering memorandum, purchase

agreement and complex total return swap confinnation.

Participated

in representation of a major international insurance company in its S300 million acquisition of a rival

company. Primary responsibilities included drafting and negotiating sections of the stock purchase agreement and

ancillary documents.

Swaps and Derivatives Transactions:

Lead associate representing a major U.S. insurance company in a $300 million Catastrophe Bond securitization.

Primary responsibilities included drafting and negotiating a complex

ISDA schedule and confinnation for the total

return swap part

of the transaction.

Lead associate representing a major

U.S. reinsurer in connection with a total return swap as part ofa COO

transaction.

Lead associate representing a reinsurer in drafting and negotiating a Total Return

Swap with large national banks

as part of S3 billion asset-backed commercial paper conduit.

Represented a major insurance company in the Total Return

Swap portion ofa $1.5 billion asset-backed

commercial paper conduit.

Lead associate representing a major insurance company

in connection with a credit default swap on a 5300 million

pool

of reference obligations.

Lead associate representing a major U.S. investment bank in connection with a series of credit default swaps on

single name reference obligations.

---

Zimbra: mlg7@sfu.ca

Page lof2

SfU COI)Ilect Collaboration Suite

mlg7@sfu.ca

BUS OS2010.12

Friday, May 28, 2010 8:46:22 AM

From: sheilagh@sfu.ca

To: mlg7@sfu.ca

Cc: parkhous@sfu.ca

Attachments:

Phil_Goddard.pdf (67.3KB)

MikhaiUliev.pdf

(l3S.6KB)

Hi Shelley,

re GS201 0.12 - new BUS courses - BUS 801 and 824

This email addresses the use

of sessionals in a more comprehensive way and

can be added to the package you post to the website. (This information is included

right behind the new course proposals.) The resumes are already part

of the

package.

Sheilagh

-- Forwarded Message ----

From: "Anton Theunissen" <atheunis@sfu.ca>

To:

"sheilagh" <sheilagh@sfu.ca>

Sent: Thursday, 27 May, 2010 19:25:55 GMT -08:00 US/Canada Pacific

Subject: Fwd: sessionals for new courses

Hi Sheilagh,

As we discussed at the

SGSC meeting, given the applied nature of the MFRM

program, we aim to offer students a (unique) combination

of courses delivered by

faculty (tenured/tenure track and visiting) and practitioners, who we consider to be

experts in their respective fields.

Regarding the 2 new courses for the program:

BUS 801-3 Finanical Modeling Tools

Instructor: Phil Goddard (resume attached).

Phil has been teaching courses in Numerical Methods in Finance to MFRM

students since

2006. Phil has a good deal of experience in the practical

application

of numerical methods to financial risk management by way of his

consulting business. We consider this experience to be

of great value to our

students.

BUS 824-3 Law and Regulation of Financial Institutions

Instructor:

Mikhail llIiev (resume attached).

It is highly desirable to have this course taught by a practising attorney (or

corporate legal counsel) with current experience

in the securties markets. Mikhail

has precisely the experience

we seek. We are very fortunate to have him.

https://connect.sfu.calziJnbralpublic/frameOpenerHelper.jsp?id=3&async=uue

5/2812010

---

Zimbra:

mJg7@sfu.ca

.

Please do not hesitate to call1email if you any remaining concerns.

Best,

Anton Theunissen,

Ph.D.

Academic Director

Graduate Finance Programs

Simon Fraser University

Segal Graduate School of Business

4925,

500 Granville Street

Vancouver,

BC, Canada

V6C 1W6

778.782.8869 (Office)

646.263.8441 (Mobile)

Sheilagh MacDonald

Secretary, Dean

of Graduate Studies

sheilagh@sfu.ca

phone: 778 782 4255

fax: 778 782

3080

bttps:llconnect.sfu.calzimbralpubJic/frameOpenerHeJper.jsp?id=3&async=true

Page 20f2

5128/2010

---

Thursday, May 20,20104:02 PM

Subject: Re: library and MFRM

Date: Thursday,

May 6, 2010 1:57 PM

From: Megan

L. Crouch <mcrouch@sfu.ca>

To: Edward Bukszar <edward_bukszar@sfu.ca>, Sheilagh MacDonald <sheilagh_macdonald@sfu.ca>

Cc:

Gwen Bird <gbird@sfu.ca>, Mark Bodnar <mbodnar@sfu.ca>

Dear Ed,

I have reviewed the proposals for

BUS 801: Financial Modelling Tools and BUS

824: Law and Regulation of Financial Institutions and have detennined that no

additional library resources are required to support them.

I have added the courses to the appropriate list at http://\vww.lib.sfu.ca/collections/

course-assessments. This \vill be adequate

proof of library sign-off.

If you have any questions, please do not hesitate to contact me.

Regards,

Megan

Megan

L. Crouch

Health Sciences Librarian

Collections Librarian

Simon Fraser University / W.A.C. Bennett Library

8888 University Drive, Burnaby, B.C. V5A IS6

mcrouch@sfu.ca / Tel: 778.782.4962/ Fax: 778.782.3023

Page 1

of

1

---

Subject: Re: New Course Proposals (Business)

Date:

Friday, April 3D, 20104:11 PM

From:

mhayes

<mhayes@sfu.ca>

To: Ed Bukszar <bukszar@sfu.ca>

Thanks Ed. I have no overlap concerns.

Ed Bukszar wrote:

New Course Proposals (Business) Michael,

Thursday, May 20, 2010 4:03 PM

I've attached descriptions for two new courses we would like to add to our Financial

Risk Management program (MFRM). Please review for overlap consideration and

contact me

if you have any concerns.

Thanks and regards,

Ed

Michael Hayes, PhD

Acting Director, Graduate Programs

Faculty of Health Sciences

BLU 11322

Simon Fraser University

Burnaby

BC V5A 1S6

Tel 778 782 6648/fax 778 782 5927

Page 1 of 1

---

Thursday. May 20,20104:04 PM

Subject: Re: New Course Proposals (Business)

Date: Thursday, April 29,

2010 8:50 PM

From: Heesoon Bai <hbai@sfu.ca>

To: Ed Bukszar <bukszar@sfu.ca>

Cc:

Sheilagh MacDonald <sheilagh@sfu.ca>

No

o~erlap

concerns from Education.

Best regards,

Heesoon

On 29-Apr-10, at 11:54 AM, Ed Bukszar wrote:

Hello all,

I've attached descriptions for two new courses we would like to add to our

Financial Risk Management program (MFRM). Please review for overlap

consideration and contact me

if you have any concerns.

Thanks and regards,

Ed <BusB01-3_FinanciaLModeling.pdf><BusB24-3_Law_and_Regulation.pdf>

In the beginner's mind there are many possibilities, but in the expert's mind there are few. --

Shunryu Suzuki

Heesoon Bai, Ph.D.

Director of Graduate Programs

http://www.educ.sfu.ca/gradprogs/

Associate Professor, Philosophy of Education

Faculty

of Education

Simon Fraser University

8888 University Drive

Burnaby,

BC, CANADA VSA

156

hbai@sfu.ca

tel:778.782.3984

http://www.educ.sfu.ca/research/bai/

Editor of Paideusis:

The Journal of the Canadian Philosophy of Education Society

http://journals.sfu.ca/paideusis

Page 1 of 2

---

Thursday, May 20, 2010 3:39 PM

Subject: Re: New Course Proposals (Business)

Date: Monday, May

10, 2010 1:53 PM

From:

Peggy

Lacasse

<Iacasse@sfu.ca>

To: Ed Bukszar <bukszar@sfu.ca>

Hello Ed: This has been circulated to our curriculum committee and no concerns have been

noted.

Thank you,

Peggy

----- Original Message -----

From:

liEd Bukszar" <bukszar@sfu.ca>

To: "Peggy Lacasse" <Iacasse@sfu.ca>, "Fred Popowich" <popowich@cs.sfu.ca>, "Tom

Calvert" <tom@sfu.ca>, "Heesoon Bai" <heesoon_bai@sfu.ca>, "Wolfgang Haider"

<wolfgang_haider@sfu.ca>, "Michel Joffres" <micheljoffres@sfu.ca>, "Derek Bingham"

<derek_bingham@sfu.ca>

Cc: "Sheilagh MacDonald" <sheilagh@sfu.ca>

Sent: Thursday, April 29, 2010 11:54:10AM GMT -08:00 US/Canada Pacific

Subject: New Course Proposals (Business)

New Course Proposals (Business)

Hello all,

I've

attached descriptions for two new courses we would like to add to our Financial Risk

Management program (MFRM). Please review for overlap consideration and contact me if you

have any concerns.

Thanks and regards,

Ed

Page 1 of 1

---

Thursday, May 20, 2010 4:04 PM

Subject: Re: New Course Proposals (Business)

Date: Thursday, April 29,

20105:03

PM

From: Derek Bingham <dbingham@stat.sfu.ca>

To: Ed Bukszar <bukszar@sfu.ca>

Hi,

No difficulties that I can see.

Cheers,

Derek

Derek Bingham

Graduate Program

Chair

Canada

Research Chair - Industrial Statistics

Dept.

of Statistics and Actuarial Science

Simon Fraser University

On Thu, Apr

29,

2010 at 11:54 AM, Ed Bukszar <bukszar@sfu.ca> wrote:

> Hello all,

>

> I've attached descriptions for two new courses we would like to add to our

> Financial Risk Management program (MFRM). Please review for overlap

> consideration and contact me if you have any concerns.

>

> Thanks and regards,

>

>

Ed

Page 1 of 1

---

Subject: Re: New Course Proposals (Business)

Date: Thursday, April

29, 2010 12:07

PM

From: whaider <whaider@sfu.ca>

To: Ed Bukszar <bukszar@sfu.ca>

Thursday, May

20,20104:04 PM

Cc: Peggy Lacasse <Iacasse@sfu.ca>, Fred Popowich <popowich@cs.sfu.ca>, Tom Calvert <tom@sfu.ca>, Heesoon Sai

<heesoon_bai@sfu.ca>, Wolfgang Haider <wolfgang_haider@sfu.ca>, Michel Joffres <micheljoffres@sfu.ca>, Derek

Bingham <derek_bingham@sfu.ca>, Sheilagh MacDonald <sheilagh@sfu.ca>, Duncan Knowler <djk@sfu.ca>

Hi Ed,

no overlap concerns from the FENV.

Thanks,

Wolfgang

Ed Bukszar wrote:

New Course Proposals (Business) Hello all,

I've

attached descriptions for two new courses we would like to add to our Financial

Risk Management program (MFRM). Please review for overlap consideration and

contact me

if you have any concerns.

Thanks and regards,

Ed

No virus found in this incoming message.

Checked by AVG - www.avg.com <http://www.avg.com>

Version:

9.0.814/ Virus Database: 271.1.1/2842 - Release Date: 04/28/10 23:27:00

Wolfgang

Haider

Associate Professor

Chair, Graduate Studies Committee

Page 1 of 2

---

School of Resource and Environmental Management

Simon Fraser University

8888 University drive

Burnaby, BC

VSA lS6

Canada

TASK 1, Rm 8433

http://www.rem.sfu.ca

Tel: (778) 782-3066

Fax:(778) 782-4968

Page 2 of 2

---

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Faculty Gradua., Studies

commi"cc~r=~

Date

Senate Graduate Studies Committee

~_ =(~

__

~s.

Date

S--/7-/0

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Upon approval a/the minor course change. the Dean o/Graduate Studies office will cons lilt with the department or

school regarding other course attributes that may be required to enable the proper entry

0/

the course change in the

student record system

SENATE

GRAOUATESruOIES

COMMITTEE

FORM

---

SI."'ON

FR-\SER U:-.IIVI:USITY

111.. .... '" 101:\1.-' '.11 ,,, I.!., I 1111' I

GRADUATE COURSE MINOR CHANGE FORM

This form is to be used when there is a request for a minor change to an existing graduate course. The form is

completed by the department and then approved by the Faculty graduate studies committee. It should then be

forwarded to the Dean of Graduate Studies for approval by SGSc. SGSC will fonvard the approval to Senate for

information.

NOTE:

Please complete pertinent sections only

Please Check appropriate revision(s):

DCatalog Number

IE)

Units

OTitic

o

Description

D

Other 11-. _________ ----1

Department or School: Faculty of Business. Graduate School of Business

Current

course

Subject: BUS

(mat:

"chars)

Catalog Number:

---------

867 Units:

-------------

2

Course Title: Accounting for Financial Instruments

(mat 80 charI

Short Title

(appears on transcripts etc.)

Fin Inst Accounting

(mat

15

char)

------------~~----------------------

Course Description for Calendar:

Provides a comprehensive definition of all types of financial instruments and develops a thorough

understanding

of operational accounting and auditing for a broad range of financial instruments.

A

vailable

Course

Component:

[21Lecture

Grading Basis: [21Graded

Prerequisites:

(if any)

Modlfled coyrse

DSeminar

o

Laboratory

DPracticum

DSatisfactory/Unsatisfactory DIn Progress/Complete

Subject:

------------

BUS

(//lax:

0/

chars)

Catalog Number:

set

8

b

7

Units:

-----------

3

Course Title:

_A_c_c_o_u_n_tin_g~fo_r_F_i_n_a_nc_i_a_I_ln_s_tr_u_m_e_n_t_s

_____________________ (//Iat.80cha1

Short Title

(appears on transcripts etc.)

_F_in_l_n_5_t _A_c_co_u_n_t_in....:g=-- _______________________

(mat.

15

charj

Course

Descri~..tion

for Calendar:

No change.

Available Course Component:

0Lecture

DSeminar

o

Laboratory

DPracticum

Grading

Basis: 0Graded

Prerequisites: (if any)

DSatisfactorylUnsatisfactory Din Progress/Complete

*

Anach rationale for changes a.f a separate document..,

- .

~

.

I

Approvals

_~.~-

/' /;.. ,.,' //

Faculty Graduale Studies

COnunitte~'~c~

<: /

Dale

Senate Graduate Studies Committee \ __

====2:

Date

$"--/7

-/<-."">

~.-2~-co

Upon approval of the minor course change, the Dean of Graduate Swdies office will COl/suit with the department or

school regarding other course attributes that may be required to enable the proper entry of the course change in the

student record system

SENAT<

GRAOUATESTuOtES

COMMlnu

FORM

--

---

lVIaster of Financial Risk Management

Proposed Curriculum

Total Credit Hours: 45

Semester I (15 Credits)

• BUS 801-3 Financial l\1odeling Tools

New course.

Rationale: This course is part of a two course sequence in computational finance.

BUS 801 is the 'principles' course leading to the intermediate/advanced course, BUS

85i.

The addition of this course facilitates the increased emphasis on technical mate-

rial.

• BUS 802-3: Financial Economics I

Name change from

"Foundations of Financial Economics."

Rationale: To clarify the sequential nature of BUS 802 and BUS 805.

•

BUS 809-3 Equity Security Analysis and Portfolio Management I

Name change from

"Equity Security Analysis and Portfolio Management"

Rationale: To clarify the sequential nature of BUS 809 and BUS 823.

• BUS 814-3: Derivative Securities I

Name change from

"Derivative Securities."

Rationale: To clarify the sequential nature of BUS 814 and BUS 818.

• BUS 823-3: Equity Security Analysis and Portfolio Management II

Name change from "Introduction to Security Analysis."

Credit hours increased from 2 to 3.

Rationale: A full second course is required for students following the investment

management 'stream'

to cover the appropriate amollnt of advanced material.

OR:

• BUS 867-3: Accounting for Financial Instruments

Credit hours increased from 2 to 3.

Rationale: A full course is required such that candidates (many of whom will have

no accounting background)

can devote sufficient time to studying the accounting im-

plications of complex financial transactions such as securitization.

---

Semester II (15 Credits)

• Bus 805-3 Financial Economics II

Name change from "Capital Markets."

Rationale: To clarify the sequential nature of BUS 802 and BUS 805.

• Bus 803-3: Financial Econometrics

• Bus 865-3: Market Risk Management

• Bus 810-3: Fixed Income Security Analysis and Portfolio Managemont

• Bus 818-3: Derivative Securities II

Name change from "Advanced Topics in Business Finance"

Rationale: To clarify the sequential nature of BUS 814 and BUS 818.

Semester

III

(15 Credits)

• Bus 857-3: Numerical Methods

• Bus 824-3: Law and Regulation of Financial Institutions

New course.

Rationale: The course is an essential component of a risk management program. A

course of great relevance in light of recent events (e.g.

SEC vs Goldman Sachs).

•

Bus 864-3: Credit Risk Management

• Bus 870-3: Project

• Bus 866-3: Enterprise Risk Management for Financial Institutions

Name change from "Enterprise-wide Strategic Risk Management"

Rationale: Consistency with course material that focusses on financial institutions

(banks, broker-dealers, pension funds,

asset management firms, etc.).

OR:

• Bus 816-3: Strategic Asset Allocation

Name change from "Investment Policy."

Rationale: Consistency with course material that focusses on the theory and practice

of asset allocation.