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Academic Year 2018-2019

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Spring Semester (March 1 - May 31, 2019)

Course

EU Financial Law 2019

Prof. Concetta Brescia Morra

7 CFUs - ECTS

Email: concetta.bresciamorra@uniroma3.it

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
1.
Mon., 4 March		 Introduction to Financial System and Financial services 3-27 text;
slides on professor’s website
2.
Tue 5 March		 Banks and Financial Markets: differences and common features 28-34 text;
slides on professor’s website
3.
Wed 6 March		 Intermediaries and financial products: banks, investment firms, investment funds, pension funds, insurance companies 34-38 text; slides on professor’s website
4.
Mon 11 March		 The Goals and Strategies of Financial Regulation 51-79 text;
slides on professor’s website
5.
Tue 12 March		 The Limits of Financial Regulation 80-98 text ;
slides on professor’s website
6.
Wed 13 March		 Training exercise: Regulatory Architecture. What Matters? See materials on professor’s website
7.
Mon 18 March		 Why Regulate Banks: Financial crisis and Financial Contagion 275-289 text;
slides on professor’s website
8.
Tue 19 March		 The Evolution of Banking Regulation See slides on professor’s website
9.
Wed 20 March		 The Core Features of Banking Regulation: Capital Requirements for Banks 290-315 text;
slides on professor’s website
10.
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
11.
Tue 26 March		 The Recent Financial Crisis: Shadow Banking and Securitization 433-448 and 460-466 text;
slides on professor’s website
12.
Wed 27 March		 Crises Management of Banks: The Bank Recovery and Resolution Directive (BRRD) 341-369 text;
slides on professor’s website
13.
Tue 1 April		 Theory of Financial Markets 101-117 text;
slides on professor’s website
14.
Wed 2 April		 Issuer Disclosure Information 118-142 and 160-180 text;
slides on professor’s website
15.
Mon 3 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 8 April		 Investor protection and MIFID 233-244 text;
slides on professor’s website
17.
Wed 9 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 10 April		 The Common Market for Financial Services and the Harmonization process Reading material: Brescia Morra + slides on professor’s website
19.
Tue 15 April		 The Financial Services Authorities Reading material: Brescia Morra + slides on professor’s website
20.
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) https://curia.europa.eu/
21.
Mon 17 April		 The Banking Union Reading material: Brescia Morra + slides on professor’s website
22.
Tue 23 April		 The Single Supervisory Mechanism Reading material: Brescia Morra + slides on professor’s website
23.
Wed 24 April		 Training Exercise: Case T-122/15 of 16 May 2017 Landeskreditbank Baden-Württemberg v ECB https://curia.europa.eu/
24.
Mon 29 April		 The Single Resolution Mechanism Reading material: Brescia Morra + slides on professor’s website
25.
Tue 30 April		 State Aids and Resolution for Banks See slides on professor’s website
26.
Wed 6 May		 The Resolution of 4 small Italian Banks See slides on professor’s website
27.
Mon 7 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 8 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:

14/05/2019
Concetta Brescia Morra
 Slides banking crisis management

30/04/2019
Concetta Brescia Morra
 Slides Banking Union

10/04/2019
Concetta Brescia Morra
 training exercise 16 April 2019 ECJ ESMA case

10/04/2019
Concetta Brescia Morra
 slides training exercise 16 April 2019 ECJ ESMA case

10/04/2019
Concetta Brescia Morra
 training exercise 15 April 2019 ECHR Franzo Grande Steven case

10/04/2019
Concetta Brescia Morra
 Slides training exercise 15 April 2019 ECHR Franzo Grande Steven case

10/04/2019
Concetta Brescia Morra
 Slides harmonization process in Europe and Banking Union

04/04/2019
Concetta Brescia Morra
 Slides banking supervision

04/04/2019
Concetta Brescia Morra
 Slides Investor protection

27/03/2019
Concetta Brescia Morra
 Slides third wekk lessons

18/03/2019
Concetta Brescia Morra
 Slides second week lessons

18/03/2019
Concetta Brescia Morra
 Slides first week lessons

06/03/2019
Concetta Brescia Morra
 Syllabus 2018/2019

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