Studying Law at Roma Tre

Academic Year 2022-2023

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Spring Semester (March 1 - May 31, 2023)


Eu Financial Law: Institutional Framework 2022

Prof. Concetta Brescia Morra

Monday 12.00-14.00; Tuesday 12:00-14:00; Wednesday 12:00-14:00

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 focus on the evolution of the harmonisation process of laws in the financial sector and on the institutional architecture for Financial regulation in Europe. Lastly, we will take a deep dive into the institutional architecture of the Banking Union.

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 materials

D. Llewellyn, The Economic Rationale for Financial Regulation, 1999, available at: (PDF) The Economic Rationale for Financial Regulation (

F. Recine, P. Teixeira, The new financial stability architecture in the EU, 2009, available at: The New Financial Stability Architecture in the EU by Fabio Recine, Pedro Gustavo Teixeira :: SSRN

B. Haar, Financial Regulation in the EU – cross-border capital flows, systemic risk and the European Banking Union as reference points for EU financial market integration, 2014, available at: Financial Regulation in the EU – Cross-Border Capital Flows, Systemic Risk and the European Banking Union as Reference Points for EU Financial Market Integration by Brigitte Haar :: SSRN

Law and Practice of the Banking Union and of its governing Institutions (Cases and Materials), edited by Raffaele D’Ambrosio, 2020, Quaderni della Consulenza legale della Banca d’Italia, available at: Banca d'Italia - N. 88 - Law and Practice of the Banking Union and of its governing Institutions (Cases and Materials) (;

Course Schedule

Class    Topic and/or Activity  
Wed 1 March
Introduction to Financial System and Financial services  
Mon 6 March
Banks and Financial Markets: differences and common features  
Tue 7 March
Intermediaries and financial products: banks, investment firms, investment funds, pension funds, insurance companies  
Wed 8 March
The Goals and Strategies of Financial Regulation  
Mon 13 March
Training exercise: Regulatory Architecture. What Matters?  
Tue 14 March
Why Regulate Banks: Financial crisis and Financial Contagion  
Wed 15 March
The Evolution of Banking Regulation  
Mon 20 March
Crises Management of Banks: The Bank Recovery and Resolution Directive (BRRD)  

Tue 21 March
Theory of Financial Markets : the role of Disclosure  
Wed 22 March
Investor protection and MIFID  
Mon 27 March
Training exercise: Trading and Market Integrity (case Marus Gelt v Daimler EU:C:2012:397)  
Tue 28 March
The Common Market for Financial Services and the Harmonization process  
Wed 29 March
The Financial Services Authorities in Europe  
Mon 3 April
The Financial services authorities post global crisis  
Tue 4 April
Training Exercise: Case C-270/12 of 22 January 2014, United Kingdom v Parliament and Council (the Regulatory Powers of European Agencies)  
Wed 5 April
The Banking Union  
Wed 12 April
The Single Supervisory Mechanism  
Mon 17 April
Training Exercise: Case T-122/15 of 16 May 2017 Landeskreditbank Baden-Württemberg v ECB  
Tue 18 April
The Single Resolution Mechanism  
Wed 19 April
The Resolution of banks: case studies  
Wed 26 April
Training Exercise: Case C-526/2014 of July 2016, Tadej Kotnik and others v Državni zbor Republike Slovenije  
Tue 2 May
Training Exercise: Case C-105/15, of 20 September 2016, Konstantinos Mallis and others v European Commission and European Central Bank.  
Wed 3 May
State Aids and Resolution for Banks  
Mon 8 May
 Training exercise: Judgment of the General Court T-98/16 Tercas Italian Republic and Others v European Commission  
Tue 9 May
The administrative and judicial review of the decisions taken within the SSM and the SRM  
Wed 10 May
Training exercise: the ECJ C-219/17 Fininvest and Berlusconi  
Mon 15 May
 Training exercise T-712/15 and T-52/16, Joined Cases C-152/18 P and C-153/18 P, Crédit Mutuel Arkéa  
Tue 16 May
End of the Course

Training exercise: Case T-733/16, Banque Postale v ECB; Case T-745/16, BPCE v ECB
To Be Announced (TBA) or Date, if known FINAL EXAM  



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