nl en

Financial Law


Admission requirements

None. However, knowledge of commercial law (law of contracts and property law), as well as public law is recommended.


Over the past two decades, regulation of financial institutions and financial markets has increased dramatically. Financial markets are highly regulated in order to protect the integrity of the markets and the interests of investors in those markets. Banks, investment firms, investment funds and other financial institutions are subject to detailed obligations such as capital requirements, duties of care towards their clients, and disclosure requirements. Also, market conduct rules such as the prohibition of insider trading and market manipulation, the obligation to publicly disclose major holdings in listed companies and rules governing public takeover bids aim to ensure the proper functioning of financial markets as a whole. Many of these rules have been developed and are harmonized on the European level.
In this course, an overview is given of the most important aspects of financial regulation. Also, important financial transactions are discussed. The perspective of this course is international.

Course objectives

Objectives of the course
To obtain basic working knowledge of the key areas of Dutch and European financial law. These areas include:

  • regulation and supervision of banks, investment firms and investment funds;

  • duties of care of banks, investment firms and investment funds, both from a private law and a public law perspective;

  • rules governing the offering and stock exchange listing of shares and other instruments;

  • market abuse and transparency (insider trading, obligation to disclose price sensitive information and market manipulation); and

  • common issues in finance contracts.

Achievement levels
The following achievement levels apply with regard to the course:

Students have a basic working knowledge of, so that they may distinguish and explain:

  • may distinguish the relevant categories of financial institutions and explain the differences between these institutions. ;

  • may distinguish and explain whatthe relevant categories of financial instruments are ;

  • can analyse how the markets in financial instruments operate from issuance to settlement;

  • can explain how regulatory supervision of the above works;

  • can analyse the common legal issues as regards financial institution liability;

  • can explain how various finance contracts work; and

  • can analyse the most common legal issues as regards those contracts.


The timetable of this course can be found in uSis.

Mode of instruction


  • Number of (2 hour) lectures: 10

  • Names of lecturers: prof. Rogier Raas, prof. Pim Rank, prof. Matthias Haentjens

  • Required preparation by students: reading of prescribed materials.


  • Number of (2 hour) seminars: 10

  • Names of instructors: prof. Rogier Raas, prof. Pim Rank, prof. Matthias Haentjens

  • Required preparation by students: reading of prescribed materials, preparation of case studies and any other assignments. A student cannot be absent from the seminars

Assessment method

Examination form(s)

  • written exam (80%)

  • practical exercise and class participation (20%)

Examination is open only to students who passed for the practical exercise.
The practical exercise can not be retaken.
The 20% score earned on practical exercise will remain valid for the re-sit.

  • The final grade is given if the student has achieved a score on both parts (i.e. assignment, and the written exam or re-sit).
    If a student has not passed the course by the end of the academic year, partial grades for written exam or presentations/class participation are no longer valid.

Areas to be tested within the exam
The examination syllabus consists of the required reading (literature) for the course, the course information guide and the subjects taught in the lectures, the seminars and all other instructions which are part of the course.


More information on this course is offered in Blackboard.

Reading list

Obligatory course materials

to be published on Blackboard

Course information guide
to be published on Blackboard

to be published on Blackboard

Recommended course materials
to be published on Blackboard


Students have to register for courses and exams through uSis.

Contact information

  • Co-ordinator: Mr. Tom Dijkhuizen

  • Work address: Steenschuur 25, Leiden

  • Contact information: Kamerlingh Onnes Building, Room C220

  • Telephone number: +31 (0)71 527 8595

  • Email:


  • Institute: Privaatrecht

  • Department: Ondernemingsrecht

  • Room number secretary: C202

  • Opening hours: 09.00-14.00

  • Telephone number secretary: +31 71 527 7235

  • Email:


Belangstellenden die deze cursus in het kader van contractonderwijs willen volgen (met tentamen), kunnen meer informatie vinden over kosten, inschrijving, voorwaarden, etc. op de website van Juridisch PAO.