LL4K9      Half Unit
European Capital Markets Law

This information is for the 2023/24 session.

Teacher responsible

Alperen Gözlügöl


This course is available on the LLM (extended part-time), LLM (full-time), MSc in Regulation and University of Pennsylvania Law School LLM Visiting Students. This course is available with permission as an outside option to students on other programmes where regulations permit.


This course has a limited number of places and demand is typically high. This may mean that you’re not able to get a place on this course.

Course content

The course examines the EU's regulation of the capital markets. It considers the harmonised regulatory regime which applies to capital market actors across the Member States and which supports the integrated market. The topics which may be covered include: the rationale for integration and the role of law and the evolution of the integration project, including the impact of the financial crisis, Capital Market Union, and the UK’s withdrawal from the EU; the deregulation, liberalisation, harmonisation, and re-regulation mechanisms used to integrate and regulate the EU market; market access and the passport for investment services; the liberalisation of order execution and the regulation of trading markets; retail investor protection; the prospectus and disclosure regime; the regulation of gatekeepers;  and the institutional structure supporting regulation and supervision, including the role of the European Securities and Markets Authority. Course coverage may vary slightly from year to year.


This course has 20 hours of teaching content in Autumn Term. This course includes a Reading Week in Week 6 of Autumn Term.

Formative coursework

A mandatory in-class formative assessment (in the form of a timed exam question) will be held in Week 6.

Indicative reading

Reading lists will be provided in advance for each seminar and will include chapters from books, articles, and relevant legislative and policy materials. Sample texts include: Moloney, EU Securities and Financial Markets Regulation, 4th edition (2023) and Veil (ed), European Capital Markets Law, 3rd edition (2022).

Preliminary reading

Moloney, EU Securities and Financial Markets Regulation (2023), chapter 1


Exam (100%, duration: 2 hours, reading time: 15 minutes) in the spring exam period.

Key facts

Department: Law School

Total students 2022/23: 18

Average class size 2022/23: 18

Controlled access 2022/23: Yes

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