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Prof Niamh Moloney NAB6.18a

This course is available on the LLM (extended part-time), LLM (full-time), MSc in Law and Accounting, MSc in Regulation and University of Pennsylvania Law School LLM Visiting Students. This course is available with permission as an outside option to students on other programmes where regulations permit.

This course is capped at 30 students. Students must apply through Graduate Course Choice on 杏吧论坛forYou.

The course examines the EU's regulation of the capital markets. It considers the harmonized regulatory regime which applies to capital market actors across the Member States and which supports the integrated market. The topics which may be covered include: the rationale for integration and the role of law and the evolution of the integration project, including the impact of the financial crisis; the deregulation, liberalization, harmonization, and re-regulation mechanisms used to integrate and regulate the EU market; market access and the passport for investment services; the liberalization of order execution and the regulation of trading markets; the UCITS mutual funds regime; retail investor protection; the prospectus and disclosure regime; the regulation of gatekeepers;  and the institutional structure supporting regulation and supervision, including the role of the European Securities and Markets Authority. Course coverage may vary slightly from year to year.

22 hours of seminars in the LT.

The teaching for this course takes the form of 10 X 2 hour seminars held weekly across LT in weeks 1-5 and weeks 7-11. In week 6, the teaching will take the form of a mandatory in-class formative assessment. An additional one hour revision session will be held in week 11.  More detail will be available on the LL4K9 timetable.

A mandatory in-class formative assessment (in the form of a timed exam question) will be held in week 6.

Reading lists will be provided in advance for each seminar. Sample texts include: Moloney, EU Securities and Financial Markets Regulation, 3rd edition (2014); Mugge (ed), Europe and the Governance of Global Finance (2014); Schammo, EU Prospectus Law (2011); Ferran, Building an EU Securities Market (2004).

Preliminary reading

Moloney, EU Securities and Financial Markets Regulation (2014), chapter 1 and Ferran, Building an EU Securities Market (2004) chapters 1 and 2.

Exam (100%, duration: 2 hours, reading time: 15 minutes) in the summer exam period.