LEARNING OUTCOMES

This course introduces to the general issues of European Union financial markets law. It is divided into two parts. The first one provides the legal and institutional framework on the investment services and focuses its attention on the regulation of the public offerings, the prospectus rules, the conduct of business rules and the protection of the retail investors. The second part is designed to provide an essential understanding of the regulation of the financial exchanges and focuses on the regulation of the trading, clearing and settlement as essential part of the financial infrastructures.

AIMS AND LEARNING OUTCOMES

The course aims at equipping students with a basic knowledge of the European Union law of the financial markets and a capacity of critical analysis of the main implications of the regulation of the financial intermediaries.

TEACHING METHODS

The course consists of 36 hours of lectures given by the course holder. It is based on the European Union financial services directives and delegated regulations. Moreover some real cases decided by the the Court of Justice of the European Union will be presented and students will be required to actively participate to the discussion. Teaching materials will be made available on the University of Genoa E-learning Platform: AulaWeb.

Classroom lessons during the first semester and E-learning course available only on AulaWeb during the second semester. Video and on line written exercises. Language: Italian.

Students are invited to log in at the AulaWeb page to attend the lectures and the related scheduled activities.

SYLLABUS/CONTENT

1. EU rules on investment services
2. Markets in financial instruments directive – MiFID I, MiFID 2 and MiFIR
3. EU prospectus rules
4. EU laws aimed at ensuring the integrity of securities markets
5. EU rules to compensate investors when investment firms fail to return their assets
6. EU laws and initiatives relating to collective investment funds
7. EU financial markets infrastructure policy
8. Governance of financial exchanges, CCP and CSD
9. EU Competition Policy and financial markets infrastructure
10. The Action Plan on Building a Capital Markets Union

RECOMMENDED READING/BIBLIOGRAPHY

For regularly and non-regularly attending students: ANNUNZIATA, La disciplina del mercato mobiliare, Giappichelli, Torino, last edition, chapters I-XIV.

Alternatively, only for students attending lectures on the special syllabus integrated with Diritto delle assicurazioni - Insurance Law and EUFIMAR – European Union Financial and Insurance Markets Regulation, preparation can be made on the materials in pdf format available on the Aulaweb page.

Updated information on the AulaWeb page.