Mrs Vivien Prais NAB6.02

This course is available on the Master of Laws and Master of Laws (extended part-time study). This course is available with permission as an outside option to students on other programmes where regulations permit.

This course is capped at 30 students. Students must apply through Graduate Course Choice on LSEforYou.

This course examines the law and regulations governing collective investment funds in the UK and selected European jurisdictions (e.g. Germany, Italy, Sweden, Ireland and Luxembourg) and also relevant EU regulation. It will include a study both of investment funds law of the countries selected and a comparative assessment of the development and current features of the collective investment fund industry in the European context. Topics covered include: historical development of investment funds law in the UK and the respective European countries selected, with particular emphasis on the investment vehicle; a comparison of types of funds developed with emphasis on recent changes and innovation; the regulation of the establishment and marketing of collective investment funds, including UCITS, REITS and ETFs; taxation of investment funds; the effect of EC law, particularly the UCITS Directive of 2009 and Alternative Investment Fund Managers Directive (AIFMD) of 2013.

20 hours of seminars in the MT. 4 hours of seminars in the ST.

One 2,000 word essay.

Reading lists will be provided in advance for each seminar. Sample texts include: Hill, A Practitioner's Guide to Authorised Investment Funds (2010)( or 2nd ed. expected Sept 2014); Sin, The Legal Nature of the Unit Trust (1997); Adams, The Split Capital Investment Trust Crisis (2004); St. Giles, Managing Collective Investment Funds, 4th ed. (2013); Blair, Blackstone's Guide to the Financial Services and Markets Act 2000 (2009); Moloney, EC Securities Regulation (2008) ( or 3rd ed. expected Oct. 2014)

Exam (100%, duration: 2 hours) in the main exam period.