Professor Niamh Moloney, NAB 7.16

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

This course is subject to an overall cap of 60 students. Students must apply through Graduate Course Choice on LSEforYou.

The course examines the EU's regulation of the capital markets. It considers the harmonized regulatory regime which applies to capital market actors across the Member States and which supports the integrated market. The topics covered include: the rationale for integration and the role of law, the evolution of the integration project, the Financial Services Action Plan, and the Lamfalussy Report; the deregulation, liberalization, harmonization, and re-regulation mechanisms used to integrate and regulate the EU market; market access and the passport for investment services; the Markets in Financial Instruments Directive 2004 and regulation; the liberalization of order execution and the regulation of trading markets; the UCITS mutual funds regime; retail investor protection; the prospectus and disclosure regime; and the institutional structure for law-making and for supervision. It also covers the EU's financial crisis reform programme and the new European Securities and Markets Authority. Course coverage may vary slightly from year to year.

Ten two-hour seminars in MT.

Students are asked to submit one 2,000 word essay.

Reading lists will be provided in advance for each seminar. Sample texts include: 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).

Moloney, EC Securities Regulation (2008), chapter 1 and Ferran, Building an EU Securities Market (2004) chapters 1 and 2.

One two-hour unseen examination in ST (100%). It is not possible to write an Elective Essay in substitution for the examination in this course for this academic session (2012-2013).