Professor Niamh Moloney, NAB 7.16

For LLM, MSc Regulation and MSc Regulation (Research) students and for other Master's level students with permission.

This course is capped at 30 students. Students must apply through Graduate Course Choice on LSEforYou.

This course seeks to provide an in-depth understanding of the institutional and legal underpinnings of the European financial economy by examining EU monetary and banking law and the regulatory regime which governs the EU capital markets. It examines the institutional structures and the legal rules which underpin the EU's monetary system and its integrated banking market. It also considers the harmonized regulatory regime which applies to capital market actors across the Member States and which supports the integrated market.

Topics covered include: the integration project; the free movement of capital and current payments; central banking and monetary law in the European Monetary Union; banks and free movement rules; the harmonized regulatory regime which applies to banks; the institutional structure for banking supervision; retail banking services and consumer protection; the capital markets and the EU; the mechanisms used to integrate the capital market; market access and the investment services passport; the regulation of conduct of business and prudential regulation under the Markets in Financial Instruments Directive 2004; the liberalization of order execution and trading markets; the retail markets; investment products; the prospectus and disclosure regime; and the institutional structure for law-making and supervision. Course coverage may vary slightly from year to year.

This course is also available in the form of two half-courses: European Monetary and Banking Law LL4G9 (MT) and European Capital Markets Law LL4K9 (LT). Students who wish to follow the full course must register for LL425.

20 two-hour seminars in MT and LT.

Students are asked to submit one 2,000 word essay in MT and one 2,000 word essay in LT.

Chalmers et al, European Union Law (2006), chapter 12 and Moloney, EC Securities Regulation (2008), chapter 1

Readings will be provided in advance for each seminar. Sample texts include: Alexander et al, Global Governance of Financial Systems (2006); Kermers et al (eds), Financial Supervision in Europe (2003); Lastra, The Governance Structure for Financial Regulation and Supervision in Europe (2003); Usher, The Law of Money and Financial Services in the European Community, 2nd edition (2000); Andenas et al, European Economic and Monetary Union: the Institutional Framework (1997); Moloney, EC Securities Regulation, 2nd edition (2008); Chiu, Regulatory Convergence in EU Securities Regulation (2008); Skinner (ed), The Future of Investing in Europe's Markets after MiFID (2007); Ferrarini and Wymeersch (eds), Investor Protection in Europe. Corporate Law Making, the MiFID and Beyond (2006); Ferran, Building an EU Securities Market (2004); Avgerinos, Regulating and Supervising Investment Services in the European Union (2003).

One three-hour unseen examination paper in ST.