Master degree in Law. This course is part of the Advanced Master Law and 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 and corporations looking for debt or equity capital meet. 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 will go deeper into the regulation of capital markets and the manner in which capital markets operate. Topics include initiatives to strengthen financing through capital markets such as the Capital Markets Union Action Plan and crowd funding as an alternative to the existing forms of financing on regulated market as well as disclosure requirements for public companies, market abuse and clearing, custody and settlement of securities transactions. In addition, topical items such as high frequency trading, market manipulation and the emergence of alternative trading platforms and ‘dark pools’ are also part of 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 obtain a thorough understanding of the key principles and objectives of capital markets regulation, both on EU basis as on an international basis;
Students obtain a thorough knowledge and understanding of the disclosure requirements that apply to public companies under the EU Prospectus Regulation and Transparency Directive;
Students understand the restrictions and obligations under EU market abuse regulation.
Students obtain a thorough knowledge and understanding of the operation and regulation of clearing, settlement and custody of securities and securities transactions.
Students understand the requirements for high frequency and algorithmic trading.
Mode of instruction
Number of (2 hour) lectures: 5
Names of lecturers:; Prof. Dr. Rogier Raas, Prof. Dr. Pim Rank, Prof. Dr. Matthias Haentjens, Ms Peggy Bracco Gartner, guest lecturer;
Required preparation by students: reading of prescribed materials
Number of (2 hour) seminars: 5
Names of instructors: Prof. Dr. Rogier Raas, Prof. Dr. Pim Rank, Prof. Dr. Matthias Haentjens, Ms Peggy Bracco Gartner;
Required preparations by students: reading of prescribed materials, preparation of case studies and any other assignments. A student can not be absent from the seminars.
Week 1 – Capital markets Regulation
Week 2 – Primary Market. Regulation of share issues and stock exchange listings.
Week 3 – Market Abuse
Week 4 – Clearing, settlement and custody
Week 5 – High frequency trading/algorithmic trading & exam training
Oral presentation: 40%
Final exam: 60%
Students are required to present a research question in the form of an oral presentation and submit an written outline of this presentation (max 1500 words) relating to one of the subjects discussed during the course. The oral presentation can not be retaken.
Areas to be tested within the exam
The examination syllabus consist of the required reading (literature) for the course, the course information guide and the subjects taught in the lectures, the seminars and all othere instructions wich are part of the course.
The final grade, on the scale from 1(poor) to 10 (excellent), for the course is established by determining the weighted average and rounded to full grades. Grade 6 (5.5 rounded) is a pass.
The opportunity exists to re-take the exam. Further information will be communicated through Blackboard.
More information on this course is offered in Blackboard.
Submission of papers via Blackboard using safe assignment.
Haentjens & De Gioia-Carabellese, European Banking and Financial Law, London: Routledge 2014.
Course reader and additional literature is distributed through Blackboard.
Ms. M.E.J. Bracco Gartner
Email address: firstname.lastname@example.org
Ms. Orsolya Kalsbeek-Bagdi
Email address: email@example.com