LL406E      Half Unit
Regulation of Financial Markets I

This information is for the 2023/24 session.

Teacher responsible

Dr Philipp Paech CKK.7.05


This course is available on the Executive Master of Laws (ELLM). 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 Law School 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 Law School'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 Law School website. 

Course content

This course (Part I and Part II) examines the regulatory structures governing financial markets and investment services. It covers the main principles of international, EU and UK financial regulation, with the aim of developing a critical understanding of the dynamics and conceptual framework of financial regulation. The course does not aim to provide a detailed comparative account of financial regulation across countries, but international comparisons may be made where these are useful. In this context, students are encouraged to draw on their knowledge of their own national systems of regulation in making comparisons, and to apply the analytical perspectives suggested to those systems. The focus will be on the regulation of national and international aspects of financial services and markets, rather than on private law and transactional aspects. No previous knowledge of financial market regulation or background in economics is required for those wishing to follow this course. Indeed, the course provides a good background for further study of both financial and economic law and economic analysis of law. The course might be regarded as complimentary to a number of other courses, including Law of Corporate Finance or International Financial Law and Practice I & II.

The first part of this course will address the following topics:

Anatomy of the Financial Market and the Great Financial Crisis

Building Blocks of the Regulatory World

Rationales for its Regulation: Systemic Stability, Market Integrity, Principle-Agent Competition

Key Elements of Financial Regulation: disclosure, resilience, risk modelling and regulation inside firm

Global and EU Regulatory Structures

Financial Stability – Policy Issues, Principles and Global Standard Setters

Prudential Regulation of Banks – The Basel Accords

The EU Banking Union

Deposit Guarantees

Bank Resolution and Insolvency


24-26 hours of contact time (for each half unit)

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

A full reading list will be distributed during the course and essential materials will be made available to the students, where possible. In addition, the students will be invited to do independent reading. Good general introductions to financial markets and their regulation include: A Turner et al, The Future of Finance: The LSE Report (2010);  S Valdez and P. Molyneaux, Introduction to Global Financial Markets (7th edn).


Assessment path 1
Essay (100%, 8000 words).

Assessment path 2
Take-home assessment (100%).

Key facts

Department: Law School

Total students 2022/23: Unavailable

Average class size 2022/23: Unavailable

Controlled access 2022/23: No

Value: Half Unit

Guidelines for interpreting course guide information

Course selection videos

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.

Personal development skills

  • Communication
  • Specialist skills