Course requirements
Master degree in Law. This course is part of the Advanced Master Law and Finance.
More information: https://www.universiteitleiden.nl/en/education/study-programmes/master/law-and-finance
Course information
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 and crypto-assets, 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 European capital markets. We will first focus on the obligations of issuers who seek financing on the capital markets. Topics include the initial public offering (IPO) process and disclosure requirements for securities offerings and public companies. We will also discuss the regulation of secondary markets and crowdfunding. Then we will examine the existing regulation ensuring fair markets by preventing market abuse (i.e. Market Abuse Regulation). We will then explore new types of assets – crypto-assets and discuss how crypto-assets, crypto-asset service providers and crypto-assets services are regulated in the EU. Finally, we will examine and explain the issues of custody of securities and clearing and settlement of securities transactions.
The course is closely 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 in the EU and the disclosure requirements that apply to public companies;
Students have general understanding of the EU Crowdfunding Regulation;
Students are able to apply the EU market abuse regulations to a concrete case;
Students are able to distinguish different types of crypto-assets and explain main rules of the Markets in Crypto-assets Regulation;
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.
Mode of instruction
Lectures will be held in a weekly schedule in a classroom setting with mandatory class attendance. Only when required by government regulation or decided by the Programme Board, teaching will be conducted in an online setting.
Lectures:
Number of (2 hour) lectures: 10
Names of lecturers: Prof. Dr. Pim (W.A.K.) Rank, Dr. Zeeshan Mansoor LLM, Ilya Kokorin LLM.
Required preparations by students: reading of prescribed materials, preparation of case studies and any other assignments.
Course Load
Week 1 – Primary Market Transactions
Week 2 – Secondary markets and crowdfunding
Week 3 – Market abuse
Week 4 – Crypto-assets
Week 5 – Clearing, settlement and custody
Examination method
Oral presentation: 30%
Final exam: 70%
The final grade for the course will be the weighted average of the oral presentation and final exam.
Oral presentation:
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 exam:
The final exam will cover all the material delivered during the lectures. Further information about the oral presentation and the exam will be communicated to students through Brightspace.
Brightspace
Course reader and additional literature is distributed through Brightspace.
Course materials
Matthias Haentjens, Pierre de Gioia Carabellese, European Banking and Financial Law (2nd edn, London: Routledge 2020).
John Armour and others, Principles of Financial Regulation (OUP 2016).
As well as articles and papers specifically assigned per week as set out in the course reader. Course reader is available on Brightspace.
Contact
Course Coordinator:
Ilya Kokorin LLM
Email: i.kokorin@law.leidenuniv.nl
Programme Coordinator:
Ms. Orsolya Kalsbeek-Bagdi
Email address: lawandfinance@law.leidenuniv.nl
Disclaimer: Should there be any future extenuating circumstances which may impinge our teaching and assessment, these could necessitate modification of the course descriptions after 1 September. This will only happen in the event of strict necessity and the interests of the students will be taken into account. Should there be a need for any change during the course, this will be informed to all students on a timely basis. Modifications after 1 September 2023 may only be done with the approval and consent of the Faculty Board and Programme Director.