Studying Law at Roma Tre

Academic Year 2020-2021

Info Contacts:
Click here!
Click here!
Spring Semester (March 1 - May 31, 2021)


European Financial Law 2021

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
Wed 3 March
Introduction to Financial System and Financial services 3-27 text;
slides on professor’s website
Thu 4 March
Banks and Financial Markets: differences and common features 28-34 text;
slides on professor’s website
Fri 5 March
Intermediaries and financial products: banks, investment firms, investment funds, pension funds, insurance companies 34-38 text; slides on professor’s website
Wed 10 March
The Goals and Strategies of Financial Regulation 51-79 text;
slides on professor’s website
Thu 11 March
The Limits of Financial Regulation 80-98 text ;
slides on professor’s website
Fri 12 March
Training exercise: Regulatory Architecture. What Matters? See materials on professor’s website
Wed 17 March
Why Regulate Banks: Financial crisis and Financial Contagion 275-289 text;
slides on professor’s website
Thu 18 March
The Evolution of Banking Regulation See slides on professor’s website
Fri 19 March
The Core Features of Banking Regulation: Capital Requirements for Banks 290-315 text;
slides on professor’s website
Wed 24 March
The Core Features of Banking Regulation: Structure Regulation (Separation of Commercial and Investment Banking) 505-529 text;
slides on professor’s website
Thu 25 March
The Recent Financial Crisis: Shadow Banking and Securitization 433-448 and 460-466 text;
slides on professor’s website
Fri 26 March
Crises Management of Banks: The Bank Recovery and Resolution Directive (BRRD) 341-369 text;
slides on professor’s website
Wed 31 Marchl
Theory of Financial Markets 101-117 text;
slides on professor’s website
Thu 1 April
Issuer Disclosure Information 118-142 and 160-180 text;
slides on professor’s website
Wed 7 April
Training exercise: Trading and Market Integrity (case Marus Gelt v Daimler EU:C:2012:397) 181-202 text;
Thu 8 April
Investor protection and MIFID 233-244 text;
slides on professor’s website
Fri 9 April
Training exercise: Administrative or Criminal Sanction: the Ne bis in idem principle (case ECHR, Grande Stevens et al. v Italy (Consob))
Wed 14 April
The Common Market for Financial Services and the Harmonization process Reading material: Brescia Morra + slides on professor’s website
Thu 15 April
The Financial Services Authorities Reading material: Brescia Morra + slides on professor’s website
Fri 16 April
Training Exercise: Case C-270/12 of 22 January 2014, United Kingdom v Parliament and Council (the Regulatory Powers of European Agencies)
Wed 21 April
The Banking Union Reading material: Brescia Morra + slides on professor’s website
Thu 22 April
The Single Supervisory Mechanism Reading material: Brescia Morra + slides on professor’s website
Fri 23 April
Training Exercise: Case T-122/15 of 16 May 2017 Landeskreditbank Baden-Württemberg v ECB
Fri 30 April
The Single Resolution Mechanism Reading material: Brescia Morra + slides on professor’s website
Wed 5 May
State Aids and Resolution for Banks See slides on professor’s website
Thu 6 May
The Resolution of banks: case studies See slides on professor’s website
Fri 7 May
Training Exercise: Case C-526/2014 of July 2016, Tadej Kotnik and others v Državni zbor Republike Slovenije
Wed 12 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  


X Questo sito o gli strumenti terzi da questo utilizzati si avvalgono di cookie necessari al funzionamento ed utili alle finalità illustrate nella cookie policy. Se vuoi saperne di più o negare il consenso a tutti o ad alcuni cookie, consulta la cookie policy. Chiudendo questo banner, cliccando su accetto, cliccando su un link o proseguendo la navigazione in altra maniera, acconsenti all'uso dei cookie.