The present course provides an overview of the European Financial Market Regulation which governs securities markets in the EU and the actors on these markets (issuers seeking capital/funding, investment firms which provide intermediation services, trading venues, rating agencies, investment analists and investment funds).

At the end of the course, students will be able to analyse, understand and provide autonomous evaluation of transactions taking place in the financial market, from a legal perspective, also in relation to the main objectives of the European and national supervision (e.g., stability of the market, investor protection). • Students will learn how to discuss on the subjects mentioned above by using the correct sectorial vocabulary • Students will be able to detect the sources of law relevant to the subject and will learn how to prepare an essay on the matter

1. Foundations of Capital Markets Legislature in Europe 2. Basics of Capital Markets Law 3. Market Integrity 4. Disclosure System 5. Trading Activity 6. Intermediaries 7. Financial Services 8. Organisational Requirements for Investment Firms 9. Regulation of Benchmarks 10. Takeover Law 11. Sustainable finance 12. Cryptoassets

R. Veil, European Capital Markets Law, third edition, Hart Publishing, 2022

During lectures, students are expected to be prepared, to answer questions and to contribute to the discussion.

50% oral test 50% written paper

Capability and curiosity in analysing the legal framework of the financial phenomenon

Yes - one module discusses recent amendments in the EU legal framework on sustainable finance