Spring Semester (March 1 - May 31, 2018)
Course
EU Financial Law 2018
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/ |
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| To Be Announced (TBA) or Date, if known |
FINAL EXAM |
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