Law Review hosts ‘The Future of Financial Intermediation’ symposium on March 27

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The Wake Forest Law Review will host its Spring 2015 symposium, “The Future of Financial Intermediation,” on Friday, March 27, in the Worrell Professional Center, Room 1312. The event, which is co-sponsored by the BB&T Center for the Study of Capitalism, is free and open to the public. The North Carolina Bar Association has approved the symposium for 4.5 hours of CLE credit.

Just as disintermediation is remaking the way goods and services are sold (think eBay, Craigslist, Airbnb), we seem to be heading toward greater disintermediation in financial markets.

In capital formation, newcomers such as crowdfunding and peer-to-peer lending are obvious examples. In corporate structures, conglomerates and combined firms have increasingly been displacing intermediated equity markets. But there are counter-currents:  financial intermediaries (like mutual funds, hedge funds, and sovereign wealth funds) continue to grow and dig in.

This symposium will take a look at the future of financial disintermediation, according to the journal’s editors. What role does (and can) law play in shaping and responding to that future?  What adaptations are appropriate for traditional securities disclosure and oversight regimes?  How do decentralized structures affect rules on internal controls or the laws governing corporate groups? How do these changes affect the long-term versus short-term thinking of investors and managers?

“These are among the many lines of inquiry that the Wake Forest Law Review seeks to explore,” says Symposium Editor Kenny Cushing (’15).

The hosts of the symposium are Wake Forest’s own Associate Dean of Graduate Programs Alan Palmiter, Professor of Business Law Howard L. Oleck, and Assistant Professor of Law Andrew Verstein.

Symposium distinguished guests include:

Michael B. Abramowicz, Professor of Law, Georgetown University

Lawrence A. Cunningham, Henry St. George Tucker III Research Professor of Law Director, C-LEAF in New York, George Washington University

Onning H. Dombalagian, George Denégre Professor of Law, Tulane University

Kathryn Judge, Associate Professor of Law, Milton Handler Fellow, Columbia University

Tom C.W. Lin, Associate Professor of Law, Temple University

Patricia A. McCoy, Liberty Mutual Insurance Professor of Law, Boston College

Dale A. Oesterle, J. Gilbert Reese Chair in Contract Law, Ohio State University

Francisco Reyes Villamizar, Superintendent of Companies in Colombia

Usha Rodrigues, Associate Dean for Faculty Development, M.E. Kilpatrick Chair of Corporate Finance and Securities Law, University of Georgia

Erik Vermeulen, Professor of Business & Finance Law, Tilburg University

CLE credit from the North Carolina Bar Assocation (NCBA) is pending approval.

The schedule is as follows:

8:30-9:00 Continental Breakfast

9:00-9:10 Introductory Remarks

Editor-In-Chief Denton Worrell

Interim Dean Suzanne Reynolds (’77)/Academic Dean Ron Wright

Professor Alan Palmiter


Michael Abramowicz, Peer-to-Peer Insurance

Kathryn Judge, Capital is Fungible: The Diverging Paths of Peer-to-Peer Lending and Kickstarter

Moderator: Professor Andrew Verstein

10:00-10:10 Short Break


Patricia McCoy, Evaluating Degrees of Disintermediation From a Consumer Protection Point of View

Tom Lin Infinite, Financial Intermediation

Moderator: Professor Andrew Verstein

11:00-11:15 Morning Break (Refreshments Provided)


Onning Dombalagian, Exchanges, Listless?: The Future of Listing

Dale Oesterle, Investing in the Internet Age: Crowdfunding has Moved into the Intermediary Market

Moderator: Alan Palmiter

12:05-1:15 Lunch


Introduction: Alan Palmiter

Larry Cunningham, Berkshire’s Disintermediation

2:00-2:15 Afternoon Break (Refreshments Provided)


Francisco Reyes, Foundations and Evolution of the Colombian Simplified Corporation

Erik Vermeulen, Corporate Governance in a Networked Age

Moderator: Usha Rodrigues

3:05 Adjourn

For more information, visit the Wake Forest Law Review website. Please direct any questions to Cushing at