CASES IN BUSINESS LAW
Instructional goals
The course aims at providing students with a comprehensive knowledge of the main elements of business law – including corporate law and securities regulation - in order to enable them to recognize in the future the main issues generally arising from such kind of business transactions.
The course deals also with practical structures and implications, looking at the actual transactions consummated in the international market context.
In particular, the course pursues the following specific objectives:
to give students a knowledge and understanding of the main elements of corporate law, banking, insurance and securities regulation, also on an international basis;
to give students an understanding of the corporate issues concerning Italian listed companies;
to increase awareness and understanding of the main items regarding corporate governance, with specific regard to banks, insurance companies, financial intermediaries and listed companies;
to learn and apply skills developed during the course also moving from the significant cases discussed during the classes.
Intended learning outcomes
At the end of the course, students should have an overview of the most controversial topics regarding business law and they should be able to:
understand and describe the main arguments analyzed during the classes (Knowledge and understanding);
analyze and explain the issues connected to the matters discussed during the course (Applying knowledge and understanding);
understand and use major terms and concepts in order to communicate ideas, proposals, analysis and critical reasoning in the field of business law in the most effective and appropriate way (Communications Skills).
Course Contents
The course deals with the following contents:
Preliminary introduction on the main Italian and European business laws and regulations, with particular focus on listed companies and financial institutions;
Financial markets’ dynamics, principles, players and main rules;
Regulation on the issuers of listed financial instruments;
Transactions in control;
Related parties’ transactions and conflict of interests
Market abuse regulation and insider trading;
Extraordinary transactions;
Cross-border transactions;
Golden powers’ and foreign direct investments regulation;
Corporate governance rules and best practices;
Italian and European corporate and securities law: trends and perspectives.
Reference Books
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, CEDAM, II ed., 2021 (https://luiss.alma.exlibrisgroup.com/discovery/openurl?institution=39LLUISSGC_INST&vid=39LLUISSGC_INST:Services&lang=it&rfr_id=info:sid%2Fsummon&rft_dat=ie%3D&rft.mms_id=991002968328004196&svc_dat=CTO&u.ignore_date_coverage=true&Force_direct=false)
Please see the content of each lecture for details on the book’s chapters associated to each single class.
Teaching Methods
Traditional lectures, weekly case discussions and weekly written assessments
Assessment Method
70% of the final grade will be determined based on active participation to classes, weekly case discussions and weekly written assessments.
The remaining 30% of the final grade will be determined in the final oral exam on certain selected topics treated during the entire course.
Students recording more than 4 absences during the entire course will not be able to attend the final oral exam in first call.
Thesis assignment criteria
The formal request for the final dissertation could be filed by students who achieved an high final score at the end of the course (more than 28/30) and demonstrated during the course attitude in analyzing business cases and materials also from a practical perspective.
Any request will be discussed with the Professor and accepted if the above mentioned criteria are satisfied.
Does the syllabus cover sustainability topics?
During the course the students will have the chance to analyze the issues connected to the integration of sustainability into corporate governance models.
Week 1 Contenuto sessioni on line e on campus
Preliminary course introduction
Functions of the share capital
Differences between equity and debt
Companies' limited liability
Transactions on share capital
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, CEDAM, 2021, pp. 25 - 42 (chapters 2 and 3).
Week 2 Contenuto sessioni on line e on campus
Corporate control
Direction and coordination activity
Takeover bid
Acting in concert
l definition.
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, II ed., CEDAM, 2021, pp. 43-49 (Chapter 4) and pp. 121-133 (Chapter 12).
Week 3 Contenuto sessioni on line e on campus
Prerogatives of the different corporate bodies;
Directors' liability
Resolutions of primary interest
Corporate governance mechanisms
Sectoral regulation applicable to banks
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, II ed., CEDAM, 2021, pp. 111-120 (Chapter 11) and pp. 231-242 (Chapter 20).
Week 4 Contenuto sessioni on line e on campus
Extraordinary transactions;
Mergers and demergers;
Exchange ratio
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, II ed., CEDAM, 2021, pp. 85-100 (Chapters 8-9).
Week 5 Contenuto sessioni on line e on campus
Withdrawal right
Special classes of shares
Exit mechanisms
The special meeting of shareholders
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, II ed., CEDAM, 2021, pp. 71-84 (Chapter 7) and pp. 101-110 (Chapter 10).
Week 6 Contenuto sessioni on line e on campus
Capital increase
Dilutive effect
Loyalty shares
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, II ed., CEDAM, 2021, pp. 61-69 (Chapter 6) and pp. 135-149 (Chapter 13).
Week 7 Contenuto sessioni on line e on campus
Business judgement rule
Directors' liability regime
Board committees in banks
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, II ed., CEDAM, 2021, pp. 205-219 (Chapter 18) and pp. 245-251 (Chapter 21).
Week 8 Contenuto sessioni on line e on campus
Group of companies
Management and coordination activity
Legal entities as companies’ directors
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, II ed., CEDAM, 2021, pp. 191-202 (Chapter 17) and pp. 221-229 (Chapter 19).
Week 9 Contenuto sessioni on line e on campus
Listed companies
Related partis' transactions
Market abuse regulation
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, II ed., CEDAM, 2021, pp. 151-163 (Chapter 14) and pp. 283-294 (Chapter 24).
Week 10 Contenuto sessioni on line e on campus
Sale and purchase agreement
Foreign direct investments screening mechanisms
M&A strategy
Dual-track process
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, II ed., CEDAM, 2021, pp. 51-59 (Chapter 5) and pp. 263-282 (Chapter 23).
Week 11 Contenuto sessioni on line e on campus
Cross-border transactions
The just case for revocation of joint stock companies directors
Fiduciary relationship between shareholders and management
Readings:
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, II ed., CEDAM, 2021, pp. 175-190 (Chapter 16) and pp. 253-262 (Chapter 22).