32684 - Capital Market Regulation

Learning outcomes

At the end of the course the student has gained a comprehensive knowledge of the regulation of capital markets and of listed companies and is able to clarify and present regulatory convergences and divergences not only among different legal systems but also among different markets (considering their different approaches to mandatory rules vs. market rules), to discuss the merit of several of the regulatory choices affecting the existing landscape of financial markets and to unveil (and discuss) their underlying policies and interests at war. Moreover, student has been introduced to the capital markets regulation, endeavouring to offer a comparative overview of the regulatory framework for equity markets (herein included the regulation of listed companies, takeover bids, prospectuses, insider trading and market manipulation), sovereign, municipal and corporate debt markets, funds and derivative markets in the global financial setting. The student is confronted with current European regulatory responses to market pressures and is able to put them in context, assessing the cornerstones of the existing EU regime against the backdrop of international (in the first place, US) experiences and the academic debate on Law and Finance. Significant emphasis is being given also to an accurate historical analysis of the foundation of the current legal system and its evolution from the early days of the first continental Exchanges to the current post FSAP.

Course contents

Most, if not all, relevant aspects of international and European financial law have been undergoing reform in the last few years and some are in the process of being reconsidered within the CMU initiative and to complete the Banking Union. This course endeavours to offer a comprehensive picture of European financial law as it stands today and thus to offer a chart to navigate it; it should help understanding its underpinnings, organise (as simply as possible) internal linkages and test the overall consistency of the system. In doing so, this course revolves around a simple idea: to properly understand European financial rules, it is necessary to identify the paradigms that like “deep currents” run underneath them, in order to capture their proper meaning and finality and to measure their consistency and proportionality. This course is meant to be, therefore, a conversation about the rationale(s) of the rules and tools of European financial law as well as on the needs for future simplification and reform (proposals for simplification are part of the exercise).

Readings/Bibliography

M. Lamandini, D. Ramos Muñoz, EU Financial Law. An Introduction, Wolters Kluwer, 2016, chapters 1, 2, 3, 4, 7, 8 and 9.

Teaching methods

Lectures with slides available on AMS Campus. The use of these materials in study and preparation for examination is to be considered as complementary and not substitute for the use of the manuals indicated.

There will be testimonies of experts of recognized reputation in the field.

If necessary, contact Dr. Francesca Pellegrini at the email address francesca.pellegrin7@unibo.it

Assessment methods

Oral examination.

To subscribe to the exam, you must sign up using the AlmaEsami application, with due regard for the deadlines provided. Those who failed to sign up by the due date are required to report in a timely manner (and in any case before the official closing of the enrollment lists) the problem with the teaching secretariat. It will be the faculty of the professor to admit those who did not sign up for the test.

The verbalisation of the evaluation is done on the date set and indicated in Almaesami.

Teaching tools

Slides and materials available on AMS Campus.

Office hours

See the website of Marco Lamandini