LL4F2 Half Unit
The Law and Practice of International Finance
This information is for the 2011/12 session.
Teacher responsible
Dr Jo Braithwaite, NAB 6.33 Availability
LLM and MSc Law and Accounting.
Course content
The course is a half-unit course which runs in LT. It examines the legal issues which arise in international financial markets based in London. It is a good fit with LL4H4 (Financial Law) which runs in MT, though this is not a pre-requisite.
This course looks at the various transactions and structures which are widely used in the financial markets, such as derivatives, securitisation, syndicated loans and Eurobonds. With an emphasis on private law, it considers the relevant legal, commercial and regulatory background and the risks and protections available to participants in these markets. The course is based upon an analysis of the relevant issues under English law with some reference to other systems for comparative purposes. Where possible, several of the lectures will be attended by practitioners who will participate in the discussions.
The course will be underpinned by discussion of the legal principles involved in international finance, but the case studies referenced will be topical. In this sense, the content of the course will be adapted to the fast moving developments affecting international markets in capital and in risk (for example, in recent sessions the course has examined the legal basis of prime brokerage relationships, the related Lehman Brothers litigation and the ongoing regulatory reform of the OTC derivatives markets, including the new requirement of mandatory CCP clearing).
Teaching
The course will run in LT and will comprise a two hour weekly seminar and, depending on student numbers, small group follow-up classes.
Formative coursework
Students will be asked to submit a 2,000 word essay. There will be the option to write this essay in timed conditions. Preliminary reading list
Examples of texts which will be referenced on the course: L Gullifer and J Payne, Corporate Finance Law: Principles and Policy, Hart 2011; J Benjamin, Financial Law, Oxford University Press, 2007; A McKnight, The Law of International Finance; R Cranston, Principles of Banking Law. A full reading list will be distributed during the course.
Assessment
Assessment is by closed book written examination (100%) which students sit in the summer term. The exam is two hours plus 15 minutes reading time. ^
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