Programmes

International Financial Regulation

  • Summer schools
  • Department of Law
  • Application code SS-LL207
  • Starting 2019
  • Short course: Open
  • Location: London

This course uses the financial crisis of 2007-2010 as a starting point to explore the challenges of regulating global financial markets.

The course is internationally oriented and draws on the rules set by the global regulatory committees (Financial Stability Board, Basel, etc.) and on European post-crisis regulation, with a few digressions and comparisons with the American regulatory debate, without focusing in details on any specific jurisdiction.

The essential purpose of the course is, first, to analyse some of the main techniques of financial regulation and to explore their rationales and dynamics from a number of disciplinary perspectives. Second, this course addresses seven policy areas in more detail that have all been substantially reinforced after the financial crisis and that are considered the hottest topics in regulation.

The course is a good match with LL206 International Financial Law, which concerns the commercial law side of financial markets, together the courses provide for the full picture of financial markets law and regulation. However, participation in LL206 is not a formal prerequisite for taking LL207.

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 (strategy, 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

Session: Two
Dates: 8 July – 26 July 2019
Lecturer: Dr Philipp Paech


 

Programme details

Key facts

Level: 200 level. Read more information on levels in our FAQs

Fees:  Please see Fees and payments

Lectures: 36 hours 

Classes: 18 hours

Assessment*: One examination and one essay

Typical credit**: 3-4 credits (US) 7.5 ECTS points (EU)


*Assessment is optional

**You will need to check with your home institution

For more information on exams and credit, read Teaching and assessment

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.

Programme structure

General Part:

  1. Introduction: The Anatomy of the Financial Market
    (What is the financial market? Who is regulated, and why? Introduction to the Financial Crisis)
  2. The ‘Why’: Rationales for Regulating the Financial Market
    (Systemic Risk, Market Integrity, Principal/Agent Problem, Competition)
  3. The ‘How’: Key Elements and Tools of Financial Regulation
    (Risk models, Disclosure, Resilience and Behavioural Rules)
  4. The ‘Who’: Global and EU Regulatory and Supervisory Structures
    (Financial Stability Board and G20, Basel-IOSCO, EU Institutions and ECB, National Supervisors and Regulators)

Specific Policy Areas:

  1. Banking and Financial Stability
  2. Prudential Regulation: The Basel Bank Capital Accords
  3. The EU Banking Union, Single Supervisory Mechanism and beyond
  4. Pulling the Shadow Banking Sector out of the Dark
  5. Wild West Banking vs. Utility Banking: Structural Reforms
  6. Rating Agencies: Outlawed Gatekeepers
  7. Regulation of Fintech and Blockchain
  8. Wrap-up: The Financial Crisis, Systemic Stability and Market Pressures

Course outcomes

  • Understand the rationales and main elements of financial regulation, the ‘why’, ‘how’ and ‘who’. 
  • Get to know the seven most important policy areas in the field of financial regulation.
  • Acquire the knowledge and tools to follow and shape the national and international debate on financial markets regulation.

Teaching

LSE’s Law Department is one of the world’s best. In the UK, it was ranked first for research outputs in the most recent Research Excellence Framework (REF) and in the top 5 law departments overall by The Complete University Guide in 2018. In the 2017 QS World University rankings, the Department was ranked seventh (out of 200 departments worldwide).

Many important subjects were first taught and examined systematically from an academic perspective in LSE’s Department of Law. We pioneered the study of banking law, taxation law, civil litigation, company law, labour law, family law, aspects of welfare law, and studies of the legal system and the legal profession, and continue to be the leading thinkers in our field.

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

Reading materials

There are two excellent background books on the financial markets (not specifically on regulation). They provide all necessary knowledge for those intending to take the course without having any prior knowledge of financial markets:

 P. Coggan, Inside the City – How the Money Machine Works   (Penguin Books, 2008) written by a journalist, this is an accessible account for the non-specialist. It is highly recommended to read this book before coming to the course. Price around 10.00 GBP.

S. Valdez and P. Molyneux, An Introduction to Global Financial Markets 7th or 8thedition (Palgrave Macmillan) - this is a more detailed and technical introduction to financial markets which serves as a reference work during the course. It is recommended to purchase this book (it will be useful also after the course, a really good investment). Price around 30.00 GBP.

*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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