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LL206: Introduction to International Financial Law and Regulation

Session: Two
Prerequisites: Introduction to legal methods or equivalent

Dr Philipp Paech

Dr Paech| also teaches on the LSE LLM courses on financial law and financial regulation.

LL206 is a novelty as it addresses both spheres of rulemaking for the financial markets, notably financial law and financial regulation, in one single course. Experience shows that approaching the framework for financial market governance exclusively from either of these worlds leaves us with a highly fragmented picture. Thus, the aim of this summer course is to establish a broad and complete foundation of knowledge of the laws and rules governing the various areas of financial market activity.

A sound understanding of the legal and regulatory framework requires that we approach each subject in a market context first. This short overview is essential with a view to understanding the permanent interaction between market behaviour and the legislators’ and regulators’ responses to it. Subsequently, its legal underpinnings and the regulatory framework will be analysed, taking into account international rules and developments as well as European legislation. Since the City of London is one of the globally most important financial markets, England will be taken as anchor-jurisdiction in order to develop patterns of global significance which are addressed by legislators and regulators around the world and in the EU.

Teaching will elaborate on a number of aspects, some of which are very topical: 

  •  logic and the players of the financial market
  •  global regulatory architecture
  •  the nature of banks, deposit taking
  •  issuance of debt and equity securities
  •  security interests, quasi-security and financial collateral
  •  structured finance, securitisation, asset-backed securities
  •  derivatives and credit default swaps
  •  master agreements and netting
  •  public investment funds, hedge funds and sub-categories, private equity
  •  stock exchanges, clearing and settlement
  •  prudential regulation, banks’ balance sheets and Basel II and III
  •  rating agencies, crisis management
  •  The Great Financial Crisis and suitable solutions

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Texts

  •  Market aspects: S. Valdez, Ph. Molyneux, An Introduction to Global Financial Markets, 7th ed. (6th can also be used, but not older), Palgrave-McMillan 2012, (ca. £29).
  •  Law: P. Wood Law and Practice of International Finance, Sweet and Maxwell 2008, (ca. £40 soft-bound). This book is the first building block of the Basic Reading. Students might consider buying it.

    A course reading pack will be provided in print for free consisting of additional texts, materials and cases. Lecture slides will be available for download during the course.

    Lectures: 36 hours    Classes: 12 hours
    Assessment: Written work and one written examination
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