Students will acquire a deeper understanding of the European legal framework of financial markets and financial intermediation. Students will also understand the mechanics of European supervision in the context of the EU Capital Markets Union initiative.

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 and will be able to detect the relevant sources of law.

1. Introduction 2. EU Financial Markets Law and the Treaties 3. EU Financial Regulation 4. The Taxonomy of Legal Sources 5. The Supervisory Architecture 6. The Savings and Investments Union and the Retail Investment Strategy 7. The Markets in Financial Instruments Directive MiFID-II 8. Trading Venues 9. Collective Investment Undertakings 10. Prudential Regulation of Investment Firms and Fund Managers 11. EMIR CSDR and the SFTR 12. Transparency Short Selling and Shareholder Rights in EU Financial Regulation 13. PRIIPs Packaged Retail Investment and Insurance Based Investment Products 14. Market Abuse Regulation 15. Sustainable Finance and ESG 16. Benchmarks and Credit Ratings 17. MiCAR DORA and DLTR 18. Crowdfunding

Filippo Annunziata, The regulation of EU capital markets. A textbook, Bari, 2025.

The course will be delivered through in-presence lectures laboratories during the II semester of the academic year. A PowerPoint presentation relating to the subject will be uploaded timely before lectures on the MyLuiss site. Depending on the case, further materials will be delivered during the lectures and uploaded on the Luiss Learn platform. Students are requested to read the slides and/or the relevant chapters of the book before any lecture takes place.

10% In class tests 20% Working Group (evaluation by the teaching group + 10% peer evaluation) 70% Final oral test

Requests for the assignment of the thesis will be evaluated by the professor on a first come first served basis, depending on current availability. The Professor reserves the right to reject the request and to evaluate the attitude of the candidate towards market law topics, as well as to rediscuss the topic of the final dissertation.