UCL FACULTY OF LAWS

UCL Laws Semester in London

Where modules run over two terms as a 30 credit module, SIL students will attend and be assessed on the contents of term 1. Please note that some modules reflect this with an additional "A" in their module code, but this is not the case for all of them due to special assessment arrangements for SIL students.
All assessments are graded on a pass/fail basis.

REGULATION OF FINANCIAL MARKETS (LAWSG080A)
Credit value: 15 credits (6 ECTS)
Module Convenor:
Dr Iris H-Y Chiu		  
Intercollegiate teaching: No
Teaching Method: 10 x two-hour seminars
Who may enrol: LLM students, SIL students, Other UCL Masters students
Prerequisites: None
Barred module combinations: LAWSG080
Core module for specialism: International Banking and Finance Law
Assessment
Practice Assessment: to be confirmed
Assessment method for UCL Master students: 2-hour unseen written examination
Assessment method for SIL students: 3,000 word coursework essay
Module Overview

Module summary

The module will examine the regulation of the financial markets in the UK and hence emphasis will be placed on the Financial Services and Markets Act, the Financial Services Authority's rulebook, the FSA Handbook, other legislation for the UK and relevant EU Directives. Not all financial services regulation issues will be covered (for example, the course does not look in detail at banking, insurance, pensions, mortgages, asset management, or corporate finance). The module has a focus on regulation and hence will not deal with transactional issues in international finance.

Module syllabus

UK and EU Financial Regulation
Securities Regulation
The Regulation of Investment Firms
Alternative Investment Fund Managers

Recommended materials

Iain G McNeil, An Introduction to the Law of Financial Investment (Hart 2012)

Selected Bibliography

Jacques de Larosière, Report by the High Level Group on Financial Supervision in the EU (25 Feb 2009) at http://ec.europa.eu/internal_market/finances/docs/de_larosiere_report_en.pdf

Regulation establishing the European Securities and Markets Authority 2010, REGULATION (EU) No 1095/2010, 24 Nov 2010.
Regulation establishing the European Systemic Risk Board 2010, REGULATION (EU) No 1092/2010, 24 Nov 2010.

Niamh Moloney, “The Lamfalussy Legislative Model: A New Era For The EC Securities And Investment Services Regime” (2003) 52 International and Comparative Law Quarterly 499

E Wymeersch, “The Structure of Financial Supervision in Europe: About Single, Twin Peaks and Multiple Financial Supervisors” at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=946695

Eilis Ferran, The Break-up of the Financial Services Authority (2011) OJLS 455

BBA v FSA[2011] EWHC 999

Prospectus Directive 2003/71/EC
UK Prospectus Regulations 2005

John C Coffee, “Market Failure and the Economic Case for a Mandatory Disclosure System” (1984) 70 Virginia Law Rev 717

Art Durnev, Merritt Fox, Randall Morck, and Bernard Yeung, “Law, Share Price Accuracy, and Economic Performance: The New Evidence” (2003) 102 Michigan Law Review 331-386

Possfund Custodian Trustee Ltd v Diamond [1996] 1 W.L.R. 1351

Transparency Directive 2004

Hall & Ors v Cable and Wireless [2009] EWHC 1793

Markets in Financial Instruments Directive 2004

FSA Handbook (FIT, APER, SYSC, COBS)

Ferranini and Wymmersch (eds), Investor Protection in Europe (OUP 2006)

Wilson v MF Global Ltd [2011] EWHC 138 (QB)

Zaki & Ors v Credit Suisse [2011] EWHC 2422

Rubinstein v HSBC [2011] EWHC 2304 (QB)

Camarata Property v Credit Suisse [2011] EWHC 479

FSA policy on Advice: Retail Distribution Review 2009 at http://www.fsa.gov.uk/pubs/policy/ps10_06.pdf

Alternative Investment Fund Managers Directive 2011

Preliminary reading

Iain G McNeil, An Introduction to the Law of Financial Investment (Hart 2012)
Other information: N/A
Prizes for this module: There are currently no prizes available for this module.