Studying Law at RomaTre

Academic Year 2018-2019

Spring Semester (March 1 - May 31, 2019)


EU Financial Law

Prof. Concetta Brescia Morra



Course description:
The course aims at introducing students to the European regulation of the financial sector. The first part of the course intends to provide students with an understanding of the functions of the financial system and institutions through which these functions are performed; an understanding of the core principles and objectives which govern financial regulation; an understanding of the regulatory goals such as the safety and soundness of financial institutions, the investor protection, and the promotion of financial stability. The second part will deepen the regulatory strategies for achieving these goals and the policy debates that surround them. The course will provide students with basic knowledge of the rules governing banking supervision, the management of banking crisis and imposing disclosure requirements and conduct of business obligations to provide with adequate protection to investors in the securities markets. The third part will focus on the evolution of the harmonisation process of laws in the financial sector and on the institutional architecture in Europe.

Course Learning Objectives

  • Knowledge of substance of the financial regulation
  • Ability to engage in legal analysis, including the analysis of case law and regulation, and in legal research
  • Ability to communicate effectively in the legal context, orally and in writing
  • Ability to engage in critical thinking and to formulate positions using the conventions and the rhetoric of legal arguments

Course Learning Activities
  • reading the assigned materials before coming to class
  • small group work through seminars or cooperative learning groups
  • prepare for and participate in moot court exercises or mock trials
  • write briefs
  • make oral presentations

Assessment tools

Take-home exam or oral exam

Attendance policy

Attendance in class is compulsory

Course textbook (optional)
John Armour, Dan Awrey, Paul Davies, Luca Enriques, Jeffrey N. Gordon, Colin Mayer, and Jennifer Payne, Principles of Financial Regulation, First edition – Oxford University Press – 2016.

Purchase of the textbook is optional. Students attending regularly the lessons can use the slides uploaded by the professor on the course webpage to study for the exam.

Supporting / Recommended course reading material

Concetta Brescia Morra, The Evolution of Banking Supervision Architecture in Europe, in Evolutions in the Law of International Organizations, Roberto Virzo, Ivan Ingravallo (eds.), Martinus Nijhoff, Boston-Leiden, 2015, pagg. 224-243.

Course Schedule

Class    Topic and/or Activity Readings
Mon., 4 March
Introduction to Financial System and Financial services 3-27 text;
slides on professor’s website
Tue 5 March
Banks and Financial Markets: differences and common features 28-34 text;
slides on professor’s website
Wed 6 March
Intermediaries and financial products: banks, investment firms, investment funds, pension funds, insurance companies 34-38 text; slides on professor’s website
Mon 11 March
The Goals and Strategies of Financial Regulation 51-79 text;
slides on professor’s website
Tue 12 March
The Limits of Financial Regulation 80-98 text ;
slides on professor’s website
Wed 13 March
Training exercise: Regulatory Architecture. What Matters? See materials on professor’s website
Mon 18 March
Why Regulate Banks: Financial crisis and Financial Contagion 275-289 text;
slides on professor’s website
Tue 19 March
The Evolution of Banking Regulation See slides on professor’s website
Wed 20 March
The Core Features of Banking Regulation: Capital Requirements for Banks 290-315 text;
slides on professor’s website
Mon 25 March
The Core Features of Banking Regulation: Structure Regulation (Separation of Commercial and Investment Banking) 505-529 text;
slides on professor’s website
Tue 26 March
The Recent Financial Crisis: Shadow Banking and Securitization 433-448 and 460-466 text;
slides on professor’s website
Wed 27 March
Crises Management of Banks: The Bank Recovery and Resolution Directive (BRRD) 341-369 text;
slides on professor’s website
Tue 1 April
Theory of Financial Markets 101-117 text;
slides on professor’s website
Wed 2 April
Issuer Disclosure Information 118-142 and 160-180 text;
slides on professor’s website
Mon 3 April
Training exercise: Trading and Market Integrity (case Marus Gelt v Daimler EU:C:2012:397) 181-202 text;
Tue 8 April
Investor protection and MIFID 233-244 text;
slides on professor’s website
Wed 9 April
Training exercise: Administrative or Criminal Sanction: the Ne bis in idem principle (case ECHR, Grande Stevens et al. v Italy (Consob))
Mon 10 April
The Common Market for Financial Services and the Harmonization process Reading material: Brescia Morra + slides on professor’s website
Tue 15 April
The Financial Services Authorities Reading material: Brescia Morra + slides on professor’s website
Wed 16 April
Training Exercise: Case C-270/12 of 22 January 2014, United Kingdom v Parliament and Council (the Regulatory Powers of European Agencies)
Mon 17 April
The Banking Union Reading material: Brescia Morra + slides on professor’s website
Tue 23 April
The Single Supervisory Mechanism Reading material: Brescia Morra + slides on professor’s website
Wed 24 April
Training Exercise: Case T-122/15 of 16 May 2017 Landeskreditbank Baden-Württemberg v ECB
Mon 29 April
The Single Resolution Mechanism Reading material: Brescia Morra + slides on professor’s website
Tue 30 April
State Aids and Resolution for Banks See slides on professor’s website
Wed 6 May
The Resolution of 4 small Italian Banks See slides on professor’s website
Mon 7 May
Training Exercise: Case C-526/2014 of July 2016, Tadej Kotnik and others v Državni zbor Republike Slovenije
Tue 8 May
Training Exercise: Case C-105/15, of 20 September 2016, Konstantinos Mallis and others v European Commission and European Central Bank.
To Be Announced (TBA) or Date, if known FINAL EXAM  



Concetta Brescia Morra
 Slides second week lessons

Concetta Brescia Morra
 Slides first week lessons

Concetta Brescia Morra
 Syllabus 2018/2019

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