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LL206: International Financial Law

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Course content

This course offers a cross-sectoral analysis covering financial market transactions in commercial banking, insurance, derivatives, capital markets and asset management. It allows participants to grasp the big picture of the legal underpinnings of financial transactions and to understand how risk in the financial market is entered, managed, dispersed and shifted. The course analyses and compares the legal basis of financial transactions in both Common law and Civil law jurisdictions. The focus is mainly on broad principles and policy issues rather than a detailed examination of statute, case law and drafting in order to allow students from all jurisdictions to take home valuable knowledge directly applicable to their respective jurisdictions.

 Course structure

- Introduction

  • Logic and players of the financial market
  • Overview of types of financial transactions
  • Reasoning and sources of financial law
  • The types of risk and the role of financial law
  • European and global legal and regulatory architecture

- Raising capital: taking risk

  • The nature of banks, deposit taking, loans, syndicated loans
  • Issuance of debt securities, Eurobonds and equity
  • Investment funds
  • Transfer by assignment and novation

- Mitigating risk (I): personal surety and derivatives

  • Guarantee and insurance
  • Derivatives and credit default swaps
  • Cross-comparison and the risk of re-characterisation

- Mitigating risk (II): asset-backing

  • Security interests
  • Financial Collateral
  • Repurchase agreements and securities lending

- Mitigating risk (III): risk reduction

  • Set off
  • Close-out netting
  • Multilateral clearing

- Cross-jurisdictional analysis

  • Private international law analysis in financial law
  • Cross-border collateral
  • Cross-jurisdictional netting
  • Common patterns and difficulties

Who should sign up for this course?

This course is designed to be of both high academic and direct practical value. It appeals to students preparing for a career in financial markets as well as to practitioners wishing to broaden their horizon. It will be of particular interest for the

  • Private financial sector (management, compliance, legal, governmental and international affairs, etc)
  • Legal practice specialising in the above mentioned activities
  • Government and governmental agencies (policy makers from treasuries, ministries of economy/finance/justice, foreign office, etc.)
  • Central banks (management, legal, regulation and oversight, international affairs, etc.)
  • International organisation and EU organs and agencies (policy makers, strategy, legal, international affairs, etc.)
  • Non-governmental organisations and advocacy groups active in the field of international financial markets
  • Students interested in any of the above, or pursuing a masters programme related to financial markets

Learning outcome

  • Understand how risk is created and managed by using different types of legal arrangements.
  • Get to know the difficulties in making these arrangements insolvency proof and robust in times of financial crisis.
  • Understand the legal difficulties that flow from the international character of the financial market.

This course is a good match with LL207 International Financial Regulation, which concerns the public law side of financial markets. In combination these courses provide for the full picture of financial markets law and regulation. However, both courses are self-contained.

World-class LSE teaching

LSE Law has excelled once again in the UK's nationwide assessment of research quality, impact and environment. The Research Excellence Framework results published in December 2014 show that LSE Law is the UK's number one law school for legal research

The 2015 QS World University faculty rankings for Law also place the LSE in the world's top ten for the subject, making it London's best Law School.

On this three week intensive programme, you will engage with and learn from full-time lecturers from the LSE’s law faculty. 

LL206 course lecturer, Dr Philipp Paech teaches on a number of our undergraduate and graduate law modules, including International Financial Law and International Financial Regulation.

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Texts*

There are two texts which will be used for many of the sessions. There are a number of copies available at the LSE Library. Students might also consider purchasing one or the other.

P. Wood, Law and Practice of International Finance, Sweet & Maxwell, 2008 (ca. £40,  soft bound). This book is the first building block of the Basic Reading.

S. Valdez, Ph. Molyneux, An Introduction to Global Financial Markets, 8th ed. (7th and 6th can also be used, but not older), Palgrave-McMillan 2015, ca. £30

 

*A more detailed reading list will be supplied prior to the start of the programme

**Course content, faculty and dates may be subject to change without prior notice

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KEY FACTS

Session: One

Dates: 19 June - 7 July 2017

Lecturer: Dr Philipp Paech


Level: 200 level

Fees: Click here for information

Prerequisites: Introduction to legal methods or equivalent.

No specific knowledge of financial markets is required. However, students from other disciplines need to familiarise with a number of fundamental concepts, such as property, contract and insolvency,
before joining the course.

Lectures: 36 hours 

Classes: 18 hours

Assessment*: One examination and one essay

Typical credit**: 3 credits (US) 7.5 ECTS points (EU)


How to apply?

Join our mailing list and access detailed course outline 


*assessment is optional – see FAQs

**You will need to check with your home institution. Read more about credit transfer here.