LL400E      Half Unit
European Capital Markets Law

This information is for the 2013/14 session.

Teacher responsible

Professor Niamh Moloney


This course is available on the Executive LLM. This course is not available as an outside option.

Available to Executive LLM students only. This course will be offered on the Executive LLM during the four year degree period. The Department of Law will not offer all Executive LLM courses every year, although some of the more popular courses may be offered in each year, or more than once each year. Please note that whilst it is the Department of Law's intention to offer all Executive LLM courses, its ability to do so will depend on the availability of the staff member in question. For more information please refer to the Department of Law website.

Course content

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.


24-26 hours of contact time.

Formative coursework

Students will have the option of producing a formative exam question of 2000 words to be delivered one month from the end of the module’s teaching session by email.

Indicative reading

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).


Either a take-home examination or 8,000 word assessed essay (100%).

Key facts

Department: Law

Total students 2012/13: Unavailable

Average class size 2012/13: Unavailable

Value: Half Unit

Guidelines for interpreting course guide information