Studying Law at RomaTre

Academic Year 2017-2018

Spring Semester (March 1 - May 31, 2018)

Course

EU Financial Law

Prof. Concetta Brescia Morra

7 CFUs - ECTS

The course starts on Monday, March 5
Class hours                                                           
(except public and academic holidays): Mondays: 12 am - 1.45 pm
                                                                        Tuesdays: 8.30 am - 10.15 am 
                                                                        Wednesdays: 8.30 am - 10.15 am 

Classes meet in Classroom 12 - Tommaseo Building, Via Ostiense, 139
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(s)
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


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.

The teacher can be reached at: concetta.bresciamorra@uniroma3.it

          CLASS SCHEDULE

Class    Topic and/or Activity Readings
1.
Mon., 5 March
Introduction to Financial System and Financial services 3-27 text
 
2.
Tue 6 March
Banks and Financial Markets: differences and common features 28-34 text
3.
Wed 7 March
Intermediaries and financial products: banks, investment firms, investment funds, pension funds, insurance companies 34-38 text + slides on professor’s website
4.
Mon 12 March
The Goals and Strategies of Financial Regulation 51-79 text
5.
Tue 13 March
The Limits of Financial Regulation 80-98 text
6.
Wed 14 March
Training exercise: Regulatory Architecture. What Matters? See materials on professor’s website
7.
Mon 19 March
Why Regulate Banks: Financial crisis and Financial Contagion 275-289 text
8.
Tue 20 March
The Evolution of Banking Regulation See slides on professor’s website
9.
Wed 21 March
The Core Features of Banking Regulation: Capital Requirements for Banks 290-315 text
10.
Mon 26 March
The Core Features of Banking Regulation: Structure Regulation (Separation of Commercial and Investment Banking) 505-529 text
11.
Tue 27 March
The Recent Financial Crisis: Shadow Banking and Securitization 433-448 and 460-466 text
12.
Wed 28 March
Crises Management of Banks: The Bank Recovery and Resolution Directive (BRRD) 341-369 text
+ slides on professor’s website
13.
Tue 3 April
Theory of Financial Markets 101-117 text
14.
Wed 4 April
Issuer Disclosure Information 118-142 and 160-180 text
15.
Mon 9 April
Training exercise: Trading and Market Integrity (case Marus Gelt v Daimler EU:C:2012:397) 181-202 text +
https://curia.europa.eu/
16.
Tue 10 April
Investor protection and MIFID 233-244 text
17.
Wed 11 April
Training exercise: Administrative or Criminal Sanction: the Ne bis in idem principle (case ECHR, Grande Stevens et al. v Italy (Consob)) http://www.echr.coe.int/Pages/home.aspx?p=home
18.
Mon 16 April
The Common Market for Financial Services and the Harmonization process Reading material: Brescia Morra + slides on professor’s website
19.
Tue 17 April
The Financial Services Authorities Reading material: Brescia Morra + slides on professor’s website
20.
Wed 18 April
Training Exercise: Case C-270/12 of 22 January 2014, United Kingdom v Parliament and Council (the Regulatory Powers of European Agencies) https://curia.europa.eu/
21.
Mon 7 May
The Banking Union Reading material: Brescia Morra + slides on professor’s website
22.
Tue 8 May
The Single Supervisory Mechanism Reading material: Brescia Morra + slides on professor’s website
23.
Wed 9 May
Training Exercise: Case T-122/15 of 16 May 2017 Landeskreditbank Baden-Württemberg v ECB https://curia.europa.eu/
24.
Mon 14 May
The Single Resolution Mechanism Reading material: Brescia Morra + slides on professor’s website
25.
Tue 15 May
State Aids and Resolution for Banks See slides on professor’s website
26.
Wed 16 May
The Resolution of 4 small Italian Banks See slides on professor’s website
27.
Mon 21 May
Training Exercise: Case C-526/2014 of July 2016, Tadej Kotnik and others v Državni zbor Republike Slovenije https://curia.europa.eu/
28.
Tue 22 May
Training Exercise: Case C-105/15, of 20 September 2016, Konstantinos Mallis and others v European Commission and European Central Bank. https://curia.europa.eu/
     
     
To Be Announced (TBA) or Date, if known FINAL EXAM  

Downloads:

30/08/2018
 Student comments Spring 2018

28/05/2018
Concetta Brescia Morra
 Investor protection lessons

16/05/2018
Concetta Brescia Morra
 training exercise

16/05/2018
Concetta Brescia Morra
 Lessons 21,22

16/05/2018
Concetta Brescia Morra
 Lessons 19,20

15/05/2018
Concetta Brescia Morra
 paper on Banking Union

08/05/2018
Concetta Brescia Morra
 training exercise

08/05/2018
Concetta Brescia Morra
 Lessons 15,16,17,18

16/04/2018
Concetta Brescia Morra
 case UK v Esma

16/04/2018
Concetta Brescia Morra
 Lessons 12,13,14

12/04/2018
Concetta Brescia Morra
 Slides Training exercise Franzo Grande Steven v Italy

27/03/2018
Concetta Brescia Morra
 Lessons 7,8,9

27/03/2018
Concetta Brescia Morra
 First training exercise

27/03/2018
Concetta Brescia Morra
 First training exercise

15/03/2018
Concetta Brescia Morra
 lessons 3,4,5,6

09/03/2018
Concetta Brescia Morra
 Tutoring

07/03/2018
Concetta Brescia Morra
 lesson 1 and Lesson 2 slides

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