20110691 - Capital Markets

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.
scheda docente | materiale didattico

Programma

The main topics discussed during the course are:
- An Introduction to infrastructures and markets in financial instruments
- Models of capital markets supervision
- Information on financial markets and market abuse regulation
- Issuers' disclosure
- Prospectus regulation
- Corporate governance as a tool for issuers' regulation
- Minority shareholders' rights in listed companies
- Investment services regulation
- Asset management regulation
- Takeovers

Testi Adottati

R. VEIL, European Capital Markets Law, 3rd ed., Hart, Oxford, 2022, limited to the chapters indicated in this syllabus and/or in class.

Modalità Frequenza

Recommended.