The course deals with the fundamental principles of European regulation of capital markets, focusing on the main chapters of securities markets, issuers and financial intermediaries.
The course covers the institutional aspects (EU legislative framework and processes, EU and national supervisory authorities), the public law regulation strategies (e.g., access to markets, disclosure, sanctions) and the private law elements of regulation (e.g., rules of conduct, corporate governance, private enforcement), with the aim to provide students with a background on the following main topics: (i) functioning of the EU market infrastructures; (ii) law and economics of information theory and market abuses; (iii) access of issuers to capital markets; (iv) regulation of investment services; (v) regulation of investment funds; (vi) financial regulation on crypto-assets; (vii) sustainability issues in capital markets regulation.
The course covers the institutional aspects (EU legislative framework and processes, EU and national supervisory authorities), the public law regulation strategies (e.g., access to markets, disclosure, sanctions) and the private law elements of regulation (e.g., rules of conduct, corporate governance, private enforcement), with the aim to provide students with a background on the following main topics: (i) functioning of the EU market infrastructures; (ii) law and economics of information theory and market abuses; (iii) access of issuers to capital markets; (iv) regulation of investment services; (v) regulation of investment funds; (vi) financial regulation on crypto-assets; (vii) sustainability issues in capital markets regulation.
teacher profile teaching materials
Main Objectives of the Course
• To understand structures and functioning of capital markets.
• To analyze the regulatory framework governing capital markets in the EU, the sources of law and the roles of key institutions such as ESMA.
• To assimilate the basic concepts relating to capital markets.
• To explore the relevant laws and regulations such as, inter alia, the Market Abuse Regulation (MAR), the takeover law, the disclosure system (Prospectus Regulation, Transparency Directive), the law of investment services and collective investment management.
• To develop critical thinking and analytical skills in the context of European capital markets law.
o R. Veil (ed), European Capital Markets Law (3rd edition, 2022), Hart Publishing
In addition, supplementary materials such as legislative texts, ECJ rulings, academic articles, and policy papers will be distributed and commented on during the classes.
Programme
Course Description: The course provides an in-depth analysis of the legal framework governing capital markets in Europe. It covers the regulatory environment, key institutions, and significant legal instruments that shape the functioning of capital markets within the European Union. The course aims to equip students with a comprehensive understanding of the principles, rules, and practices that underpin European capital markets law.Main Objectives of the Course
• To understand structures and functioning of capital markets.
• To analyze the regulatory framework governing capital markets in the EU, the sources of law and the roles of key institutions such as ESMA.
• To assimilate the basic concepts relating to capital markets.
• To explore the relevant laws and regulations such as, inter alia, the Market Abuse Regulation (MAR), the takeover law, the disclosure system (Prospectus Regulation, Transparency Directive), the law of investment services and collective investment management.
• To develop critical thinking and analytical skills in the context of European capital markets law.
Core Documentation
o N. Moloney, EU Securities and Financial Markets Regulation (4th edition, 2023), Oxford EU Law Library, or in alternativeo R. Veil (ed), European Capital Markets Law (3rd edition, 2022), Hart Publishing
In addition, supplementary materials such as legislative texts, ECJ rulings, academic articles, and policy papers will be distributed and commented on during the classes.
Attendance
In personType of evaluation
Students will be tested thorough a final oral exam, in presence. Active participation to class discussion will be taken into account for grade purposes.