MARKET LAW AND REGULATION

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.

No pre-requisite required.

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. An overview of the financial market 3. Regulatory intervention in the financial market 4. Financial market supervisory authorities 5. Financial instruments and products 6. Investment services 7. Forms of protection and types of clients 8. Collective investment schemes 9. Trading venues and order execution 10. Disclosure System and Prospectus regulation 11. Takeover law

S. Alvaro – R. Lener – P. Lucantoni, The Prospectus Regulation. The long and winding road, Quaderno Giuridico Consob, n. 22, ottobre 2020 R. Lener – P. Lucantoni, The Financial Market (uploaded on Luiss Learn platform)

The course will be delivered through online lectures, in-presence lectures and in-presence laboratories during the II semester of the academic year. A PowerPoint presentation relating to the subject will be uploaded timely before lectures on the Luiss Learn 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.

35% In class tests (3 best grades out of 4) 35% Working Group (evaluation by the teaching group + 10% peer evaluation) 30% 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.