Regulation of Financial Markets and Instruments
The market for securities and derivatives (Financial Instruments) is transnational and global - for good and for bad. Financial Instruments are potentially "dangerous" and need regulation. Insufficient regulation of the instruments and the financial markets in general is blamed for the global financial crisis. In various parts of the world a heated debate is continuing on how to improve regulation.
This course focuses on the main fields of Financial Instruments regulation, i.e. the offering and trading of securities and derivatives. It also covers the laws applicable to stock exchanges and specific types of securities (such as covered bonds or investment fund shares) and adresses enforcement of the law by the regulators and courts. The emphasis is on EU law which is today the source of Financial Instruments regulation in all EU member states. But certain far reaching regulations of US law will also be considered and contrasted with concepts followed in Europe.
The approach to all subjects will be practical and laws and regulations will be discussed on the basis of real examples and cases. The main objective of the course is to enable students to understand how Financial Instruments regulation works in practice and where the strengths and weaknesses of the current systems are