Thomas Clarkson had wanted to complete a master’s degree for years. After a long career in banking and capital markets, he chose Osgoode’s Professional LLM in Securities Law to deepen his understanding of the legal and regulatory framework behind the industry in which he worked.
“The law program offers a very specialized, unique skill set,” he says. He saw particular value in its practical application across banking, capital markets, securities trading and investments.
Much of the Securities Law program centred on case law, with classes examining decisions ranging from centuries-old cases to developments from the previous year.
“You can study theory, and it’s useful, but the case law we studied was very real,” he says. “It shapes the way, whether it’s banking, securities trading, capital markets – it shapes it all today.”
In his work, knowing what a regulation requires is only part of the conversation. Traders, business teams and compliance professionals may also want to know why a restriction exists or why something has to be done a certain way.
“The program has given me a much deeper understanding of the rationale behind financial regulation,” Thomas says.
Studying historical and contemporary cases in Securities Law introduced him to the legal principles, policy objectives and events behind requirements he might otherwise encounter simply as rules to be followed.
Cryptocurrency and digital assets provided one of the clearest examples of how his perspective changed. Before the LLM, Thomas says he had a stronger appreciation for the risks these technologies posed than for their potential benefits. However, while the coursework examined risks to retail investors and the role of regulation in maintaining market integrity, it also examined the potential economic value of emerging technologies.
After the LLM, he began to see more clearly why jurisdictions may want to encourage innovation while maintaining safeguards for investors, including the potential for more efficient banking and payment mechanisms. The coursework also examined the boundaries of regulatory frameworks and what regulators can realistically address.
“We need to protect and we need to regulate, but we also need to promote,” he says.
Thomas says the program has also helped him distinguish between areas where regulatory flexibility may exist and those where there is little or no tolerance for deviation. Knowing where that line falls is important when assessing risk and making strategic decisions.
Working within a global financial institution presents another challenge: regulatory requirements are becoming increasingly complex and interconnected across jurisdictions. Thomas draws on what he studied in Securities Law to identify where different regimes overlap, reducing duplication and improving consistency rather than approaching every requirement independently.
“You’re able to pull them all together and say, ‘Well, I understand how they overlap and where they don’t, and where we can be more efficient by addressing all of them at the same time instead of doing one at a time.’”
The LLM has also expanded what Thomas can bring to discussions with regulators, industry participants and colleagues. His understanding of the regulatory landscape gives him greater confidence when discussing possible approaches and responding to complex regulatory issues.
“You have that knowledge, you have that confidence to approach the regulators with it,” he says, “and you’d be surprised by the outcomes sometimes.”
Wondering if the Professional LLM is right for you? Get information on course requirements, application dates, tuition and more!
Thomas Clarkson – Director of Capital Markets, Scotiabank
Graduate of the LLM in Securities Law (2023)