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 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.
In this course we will first focus on 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 If time permits, we will also go into new developments such as crowd funding and initial coin offerings. Then we will go into the rules ensuring 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 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 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 explain the challenges that high frequency trading and algorithmic trading pose to capital markets.
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, Peggy Bracco Gartner LLM.
Required preparations by students: reading of prescribed materials, preparation of case studies and any other assignments.
Week 1 – Primary Market Transactions
Week 2 – Prospectus Regulation.
Week 3 – Market Abuse
Week 4 – Clearing, settlement and custody
Week 5 – High frequency trading/algorithmic trading & evaluation and wrapu-up
Oral presentation: 40%
Final 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.
The final exam will cover all the material delivered during the lectures and the seminars.
Further information about the oral presentation and the exam will be communicated to students through Blackboard at the start of the course.
Course reader and additional literature is distributed through Blackboard.
Haentjens & De Gioia-Carabellese, European Banking and Financial Law, London: Routledge 2014.
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 Blackboard.
Mr. Ilya Kokorin LLM
Ms. Orsolya Kalsbeek-Bagdi
Email address: firstname.lastname@example.org