The module will examine the regulation of the financial markets, focusing on the public policy and regulatory regime for investment-related matters.
The investment sector is a highly regulated sector, and after the global financial crisis 2007-9, regulatory reforms have ramped up in this sector, resulting in an elaborate system of financial regulation for investment services and firms. We will engage with this elaborate system in our study. The focus is on the UK and hence emphasis will be placed on the Financial Services and Markets Act, the Financial Conduct Authority’s rulebook, the FCA Handbook, other legislation for the UK and relevant international documents.
The module will be of interest for students who wish to advance their understanding of public policy and compliance in financial services regulation, focusing on the investment markets. The course also features substantial discussion on regulatory theories and institutions, as these underpin the public policy in governing various forms of investments and investment markets.
The module has a focus on regulation and hence will not deal with transactional issues in international finance
This module is subject to change.
- Theoretical and public perspectives in investment services and markets regulation
- The UK Regulator
- UK’s relationship with the EU investment markets
- Securities regulation
- Market Abuse regulation
- Regulation of credit rating agencies
- Regulation of investment firms
- The regulatory regime for retail investment funds
- The regulatory regime for alternative investment fund
Module reading lists will specify reading materials. We consult the following textbooks but not exclusively, and students should be prepared to engage with moderate to heavy levels of statutory reading such as UK Acts, the Financial Conduct Authority’s online Handbook and journal articles. Teaching is not structured in accordance with any of the books below but they are useful references.
- Iain MacNeil, Introduction to the Law on Financial Investment (Oxford: Hart 2012)
- Armour et al, Principles of Financial Regulation (2016)
- Moloney, EU Securities and Financial Markets Regulation (OUP 2014)
- Mads Andenas and Iris H-Y Chiu, The Foundations and Future of Financial Regulation (Routledge 2014) at chapters 1, 2, 5-
For an example of official papers see:
- FSA: Turner Review (2009) at: http://www.fsa.gov.uk/pubs/other/turner_review.pdf
For an example of journal article reading see:
- Eilis Ferran, “The Break-up of the Financial Services Authority” (2011), Oxford Journal of Legal Studies 455
|Credit value:||30 credits (15 ECTS, 300 learning hours)|
|Convenor:||Iris H Chiu|
|Other Teachers:||Francisco de la Peña;|
|Teaching Delivery:||20 x 2-hour weekly seminars, 10 seminars per term, Term One and Two|
|Who may enrol:||Any UCL Master’s student subject to the pre-requisites below|
We do not enforce formal pre-requisites but the following are preferred. If you do not meet most of the following, the course is unlikely to suit you. Contact the course convenor if in doubt ahead of selection:
|Must not be taken with:||None|
|Qualifying module for:||LLM in International Banking and Finance Law|
|Practice Assessment:||Opportunity for feedback on one optional practice essay per term (two in total)|
|Final Assessment:||Exam (100%)|