Dr Philipp Paech, NAB 7.05.

For LLM, MSc Regulation, MSc Regulation (Research), MSc in Management and Regulation of Risk, MSc Law and Accounting, MSc Accounting, Organisations and Institutions and MPA Programme (all streams).

This course is capped at 60 students. Students must apply through Graduate Course Choice on LSEforYou.

This course examines the regulatory structures governing financial markets and investment services. It covers the main principles of international, EU and UK financial regulation, with the aim of developing a critical understanding of the conceptual framework for financial regulation.

The course does not aim to provide a detailed comparative account of financial regulation across countries, but international comparisons may be made where these are useful. In this context, students are encouraged to draw on their knowledge of their own national systems of regulation in making comparisons, and to apply the analytical perspectives suggested to those systems. The focus will be on the regulation of national and international aspects of financial services and markets, rather than on private law and transactional aspects.

No previous knowledge of financial market regulation or background in economics is required for those wishing to follow this course. Indeed, the course provides a good background for further study of both financial and economic law and economic analysis of law. For non-lawyers, a willingness to engage in legal analysis will be necessary, although a legal background is not required. The course might be regarded as complimentary to a number of other courses, including the LLM courses in Regulation: Legal and Political Aspects, Banking Law, European Monetary and Financial Services Law, The Law of Corporate Finance, Financial Crime, Financial Law or The Law and Practice of International Finance.

The syllabus includes the following topics:

• Overview of financial markets, institutions and instruments
• Rationales and techniques of financial regulation in the light of the financial crisis
• Regulatory architecture: global, EU and UK
• Regulation of intermediaries
• Financial stability and crisis management
• Insider Dealing and Market Abuse
• Money Laundering

22 two-hour lectures, plus 'follow-up' seminars if numbers exceed 30. A number of guest lecturers are also invited to give lectures on their specialist areas.

Students are asked to submit two-three 2,000 word essays. There is also a mock exam held in the Summer Term to help students prepare for exams.

A full Reading list will be distributed during the course and essential materials will be made available to the students, where possible. In addition, the students will be invited to do independent reading. Good general introductions to financial markets and their regulation include: C Goodhart, et al, Financial Regulation: Why, How and Where Now? (1998) and S Valdez, Introduction to Global Financial Markets (5th edn, 2007).

A three-hour, unseen examination paper, in which students will be required to answer three questions (100%).