Master degree in Law. This course is part of the Advanced Master Law & Finance.
Reliable and efficient capital markets form the cornerstone of modern economies worldwide. They allow for a safe and efficient allocation of capital, risk and yield. The EU capital market is highly regulated to ensure a safe and efficient environment in which retail and institutional investors provide debt and equity capital to corporations and other institutions with a need for public finance. Investors, issuers of financial instruments, brokers and other intermediaries, markets and clearing and settlement platforms each play an important role in the proper operation of these markets and bear corresponding responsibilities. In this course, we focus on the rules that aim to protect investors on the capital markets.
The course starts with the obligations of issuers who seek financing on the capital markets. Topics include the initial public offering process and disclosure requirements for securities offerings and public companies. We will then go into new developments in capital markets finance such as crowdfunding and sustainable finance. Thirdly, we will cover the rules to ensure fair markets by preventing market abuse. Finally, the course will explain the clearing, custody and settlement of securities transactions. In addition, topical items such as high frequency trading, the impact of COVID-19 on different aspects of capital markets and the emergence of alternative trading platforms and ‘dark pools’ may also be discussed during the course.
The course is intimately linked with the other courses in the curriculum, in particular the courses EU Financial Law and Banking and Finance Transactions.
Course learning objectives
The following achievemen levels apply with regard to the course:
Students are able to advise a company on an initial public offering process and the disclosure requirements that apply to public companies;
Students are able to apply the EU market abuse regulations to a concrete case;
Students are able to explain the clearing and settlement process for securities and are able to describe and explain the relevant elements for safeguarding client assets;
Students are able to critically assess new developments in financing on the capital markets and are able to judge such deverlopments on their merits;
Mode of instruction
Lectures & seminars
Number of (2 hour) lectures & seminars: 10
Names of lecturers: Prof. Dr. Rogier Raas; Prof. Dr. Pim Rank, Dr. Zeeshan Mansoor LLM.
Required preparations by students: reading of prescribed materials, preparation of case studies and any other assignments.
Week 1 – Primary Market Transactions
Week 2 – Capital Markets Regulation: Crowd Funding and Sustainable Finance
Week 3 – Market Abuse
Week 4 – Clearing, settlement and custody
Week 5 – Current developments, evaluation and wrap-up
Oral presentation: 40%
Final take-home exam: 60%
The final grade for the course will be the weighted average of the oral presentation and final exam.
Students are required to deliver a 10-minute presentation on an assigned topic which is part of the relevant subject discussed during the course. The oral presentation cannot be retaken.
Final take-home exam:
The final exam will cover all the material delivered during the lectures and the seminars. It will be a take-home exam.
Further information about the oral presentation and the take-home exam will be communicated to students through Brightspace at the start of the course.
Course reader and additional literature is distributed through Brightspace.
Haentjens & De Gioia-Carabellese, European Banking and Financial Law, London: Routledge 2014 (or its new edition, if available).
J. Armour, D. Awrey, P. Davies, L. Enriques, J.N. Gordon, C. Mayer, and J. Payne, Principles of Financial Regulation, Oxford, Oxford University Press 2016
As well as articles and papers specifically assigned per week as set out in the course reader.
Course reader is available to be downloaded from Brightspace.
Mr. Ilya Kokorin LLM
Email address: firstname.lastname@example.org
Ms. Orsolya Kalsbeek-Bagdi
Email address: email@example.com
Disclaimer: This course has been updated to the best of our knowledge at the current time of publishing. Due to the Covid-19 pandemic and the fluctuating changes in lock down regulations all information contained within this course description are subject to change up to 1 September 2020.
Due to the uncertainty of the Covid-19 virus after 1 September 2020, changes to the course description can only be made in the event of strict necessity and only in the circumstances where the interests of the students are not impinged. Should there be a need for any change during the duration of the course, this will be informed to all students on a timely basis and will not be to the prejudice of students. Modifications after 1 September 2020 may only be done with the approval and consent of the Faculty Board.