TRADE AND FINANCIAL MARKETS LAW mutuato
DIRITTO DEL COMMERCIO E DEI MERCATI FINANZIARI
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Assigned to the Degree Course
The course aims to provide students with the concepts and theoretical basis necessary for understanding : the legal and economic sectors , with particular reference to the financial markets , in the articulation of the banking, insurance and securities markets ; the domestic norms and the national and EU legal systems concerning the economic and market activities , with particular reference to the financial markets, the legal framework of the functioning of the markets and the rules governing the activities of the actors who operate on them : intermediaries , investors , institutional investors ; the purposes , contexts and effects of legal policies and economic policy with particular reference to the financial markets and the financial intermediaries sector.
With reference to the securities market, the following topics will be covered
An outline of the history of Italian and EU law, Public offerings of securities and takeover bids, Investment services and investment firms, Institutional investors, Securities Market and Stock Exchange regulations, The discipline of listed companies, Controls and supervision on the securities market.
For the banking sector , the following topics will be covered: Access and authorization to banking activity
With reference to the insurance sector , the following topics will be covered: The insurance company : General discipline and supervision
Learning Achievements (Dublin Descriptors)
Knowledge and understanding:
at the end of the course students should have acquired knowledge and understanding relating to national legal rules governing the functioning of financial markets with regard to the role and function of intermediaries and institutional investors as well as private investors and savers, and also to the consequences in terms of legal policies and economic policy of these regulations, especially with regard to investor protection and market efficiency.
The acquisition of the above requirements will be verified in the following ways: intermediate tests and final exams of each course.
Applying knowledge and understanding: students need to be able to appropriately and flexibly apply their knowledge in order to interpret and apply the rules on financial intermediaries and markets of the national legal system, with references also with the EU and international discipline, together with the ability to understand the functioning of markets and the behavior of the agents, as well as to relate the system of rules with the functioning of economic systems.
They will also gain the ability to access, including through databases, understand and use the sources of case law, and the basic ability to develop legal documents in the context of negotiation, extrajudicial and judicial.
The acquisition of the above requirements will be through the analysis of court cases, supervisors documents, final exams tests
- Making judgments: students must have the ability to elaborate integrated schemes using the knowledge acquired during the course and to confront complex problems independently and with their personal judgment Specifically, this autonomy of judgment will have to be expressed through the acquisition of interpretative skills, case studies and qualification of the relationship between the facts of reality and legal case analysis, in order to be able to identify, represent and solve problems of protection of the rights and of resolution of interindividual and collective conflicts, in order to produce legal texts for negotiations and litigation that are clear, relevant and effective. The methods of educational work in which these results will be achieved will consist of: lectures, with the possibility of production of papers and documents.
- Communicative skill: Students should acquire clear and effective communication skills, thanks to a good command of the vocabulary related to the topics covered during the course, in particular, with reference to course of Trade and financial markets law they should gain ability to describe and deeply know the legal problems both in the relationship with operators and professional subjects, with potential customers or interested parties. They must also possess the ability to illustrate the logical-legal paths that lead to the solution of theoretical problems, as well as influencing skills and abilities in arguments exposure, even during discussions with other qualified entities. The methods of educational work in which these results will be achieved will consist of: lectures, and production of papers and documents.
- Learning skills: Students must have developed good learning skills that enable them to deepen the knowledge acquired during the course in addressing the following courses of study, even after graduation, and to acquire new knowledge, skills and abilities through professional experience.In particularly, with reference to the course of trade and financial markets law, they will gain skills and basic tools for the constant updating of their skills; ability to understand the complexity of the legal phenomenon; ability to independently follow the evolution of the living law. The methods of educational work in which these results will be achieved principamente will consist of lectures, with possible production of paper and documents.
The teaching material prepared by the lecturer in addition to recommended textbooks (such as for instance slides, lecture notes, exercises, bibliography) and communications from the lecturer specific to the course can be found inside the Moodle platform › blended.uniurb.it
Didactics, Attendance, Course Books and Assessment
The course uses mainly the teaching methods of lectures: during classes some moments shall be dedicated to the analysis and reading, through team work, of documents and texts in English language about the topics of markets and financial intermediaries regulation.
- Course books
Educational materials and support activities:
The educational material provided by the teacher is available, along with other support activities within the Moodle> blended.uniurb.it platform
Recommended study texts:
On securities market law:
R. COSTI, Il mercato mobiliare, Giappichelli, Torino, latest edition available
For the banking sector:
R. COSTI, L'ordinamento bancario, Il Mulino, Bologna, latest edition available (only the chapters III and X)
For the insurance sector:
A. Donati - G. Volpe Putzolu, Manuale di diritto delle assicurazioni, Milano, Giuffrè, latest edition. (Only Introduction, Part I and Part II).
It is essential to combine the study of the manual with the consultation of the Italian Consolidated Law on Finance in its latest version, as well as its implementing regulations (Regulations on markets, issuers and intermediaries, and joint Consob-Bank of Italy regulation); the regulatory material is available on the website www.consob.it in the documentation section.
The evaluation will be through oral examination in order to ascertain the language skills and communication skills of the student, with particular reference to the correct acquisition of the appropriate legal language and argumentative skills.
However, students who attend will have the opportunity to choose whether to replace the oral exam with two written tests on each of the two different parts of the program. Part I will cover the following topics: bank regulation, insurance, history of Italian and EU regulation of financial markets, public offerings of securities and takeover bids, investment services and investment firms, while Part II will include: institutional investors, regulation of securities markets and of stock exchange,. regulation of listed companies, supervision on the securities market). Each written test will consist of three open-ended questions, plus a question on the English-language documentation, which must be answered in a total of 90 minutes. Through the open-ended questions will be given proof that student has acquired full mastery of the concepts covered in the course and is able to present arguments in a strict and structured way, using appropriate language and identifying the relevant elements for exposure.
The overall assessment of the student's level of preparation will be made taking into account the evaluation of each exam question.
Additional Information for Non-Attending Students
- Course books
Individual study of exam texts mentioned above and of the material on the blended platform
The evaluation of non-attending students is exclusively via the oral examination, in order to ascertain the language skills and communication skills of the student, with particular reference to the correct acquisition of the appropriate legal language and argumentative skills.
The student can request to sit the final exam in English with an alternative bibliography.
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