Topic: Securities and Market regulations

Example questions: to be answered two out of 4
Example one:
Discuss how trading venues are structured and critically analyse the main aims behind their
Transparency is often used as a regulatory tool to protect investors and to reduce information
asymmetries. Critically discuss its effectiveness.
The rationale behind regulating banking capital relies on the assumption that the holding of “more
capital” makes the institution better able to absorb shocks. Yet the actual regulation may be based
on false myths and wrong assumptions. Critically discuss.
“Capital markets union: where to, where from?” Critically discuss.
Example two:
Question 1
Compare and contrast the rationale behind securities, banking and insurance regulation.
Question 2
The Market in Financial Instruments Directive (MiFID) is at the core of the European legislation on
investment intermediaries and services. Provide an overview of its main provisions related to
market venues and to conduct of business rules and critically discuss relevant strengths and
Question 3
The holding of regulatory capital in banks has historically been considered as a necessary cushion
to insulate those firms from unexpected risks. The Global Financial Crisis has exposed however
how the required level of capital was insuffient to achieve that aim. This has led current EU
regulators to ask for more and better quality capital in the form of equity, as well as liquidity and
leverage ratios. However, doubts remain over the efficacy of the current EU legal framework on
capital requirements as well as on the main tenets upon which it is based.
Critically discuss.
Question 4
Describe the main pieces of legislation that form part of the Capital Markets Union (CMU) and
discuss why the CMU may not be as successful as envisaged.
Class 1
Structure of financial markets: types players, instruments and activities:
Compulsory readings
M Siems, The foundations of securities law, at European Business Law Review, 20, 2009
P Lucantoni, Trading equity financial instruments under MiFID II and MiFIR, at Journal of
International Banking Law and regulation, 2016
Valdez and Molyneux, An introduction to global financial markets, ch 1, 5, 7and 9, seventh ed.
Iris Chiu, Regulating Credit Rating Agencies in the EU: In Search of a Coherent Regulatory
Regime, [2014] EBLR
Suggested readings
N Moloney, EU financial market regulation after the global financial crisis: “more europe” or more
risks?,at Common Market Law Review, 47, 2010
A Miglionico, The impact of FinTech on securities and secured transactions: what is new in the
financial industry?, At Journal of International Banking Law and Regulation 2016
Jan Jaap Hazenberg & Edwin Terink (2016) Effectiveness ofindependent boards of UCITS funds,
The European Journal of Finance, 22:10, 854-886,
Class 2
Regulatory Rationale and supervisory structure in Europe, UK and international (part 1)
Compulsory readings
Veerle Colaert, European Banking, Insurance and Investment Services Law: Cutting Through
Sectoral Lines? available here fm?abstract_id=2681143
And here Common Market Law Review 52: 1579–1616, 2015
Alessio M. Pacces, Financial intermediation in the securities markets
law and economics of conduct of business regulation, International Review of Law and Economics
20 (2000) 479–510
Eilis Ferran, Understanding the New Institutional
Architecture of EU Financial Market Supervision, ch 5 of Financial Regulation and Supervision: A
post crisis Analysis by Eddy Wymeersch, Klaus J. Hopt, and Guido Ferrarini
Published to Oxford Scholarship Online: April 2015
Carmine Di Noia and Matteo Gargantini, Unleashing the European Securities and Markets
Authority: governance and accountability after the ECJ decision on the Short Selling Regulation
(Case C-270/12), at European Business Organization Law Review, 2014
Elizabeth Howell, EU Agencification and the Rise of Esma: are its Governance Arrangements fit for
Purpose?, The Cambridge Law Journal, 78 [2019], pp 324–354
NATHAN DE ARRIBA-SELLIER, The Brexit Reform of European Financial Supervision: Lost in
[2019] EBLR, 695-719
Seggested readings
IOSCO, objectives and principles of securities regulation available here
ary/pubdocs/pdf/IOSCOP D323.pdf
Rawlings, Georgosouli, Russo, Regulation of financial services: aims and methods
Pamela Lintner, De/centralized Decision Making Under the European Resolution Framework: Does
Meroni Hamperthe Creation of a European Resolution Authority?, at Eur Bus Org Law Rev (2017)
1027–1058, 2017
Insurance regulation in OECD countries, ch 1 only available Here (accessible via QMUL eresources) http://www.oecd- investment/insurance- regulationliberalisation-and- financial-convergence_9789264193178 -en
Joe McMahon and Niamh Moloney, Financial market regulation in the post FSAP era at
International and Comparative Law Quarterly / Volume 55 / Issue 04 / October 2006, pp 982 – 992
Class 3
Regulatory Rationale and supervisory structure in Europe, UK and international (part 2)
The regulation of securities (part 1)
Iris H-Y Chiu, Transparency Regulation in Financial Markets – Moving into the Surveillance Age, 2
European. Journal of.Risk Regulation. 305 (2011)
Emilios Avgouleas, The global financial crisis and the disclosure paradigm in European Financial
regulation: the case for reform, at European Company and Financial Law Review, vol 6, no 4, 2009
Niamh Moloney, The investor model underlying the EU’s investor protection regime: consumers or
investors?at E.B.O.R. 2012, 13(2), 169-193
Veerle Colaert, Investor Protection in the Capital Markets Union. Ch 16 of Capital Markets Union in
Europe, by Busch et all, OUP, 2018, DOI:10.1093/oso/9780198813392.003 .0016
Dorothee Fischer-Appelt (2012) The revised EU Prospectus Regulation: key changes to the
contents of prospectuses, in Law and Financial Markets Review, 6:4, 249-257, DOI: 10.5235/
Bas de Jong, Tomas Arons, Modernizing the Prospectus Directive, CH 11 of Capital Markets Union
in Europe, by Busch et all, OUP, 2018
Barnabas Reynolds and Thomas Donegan, Brexit – opportunity for a reboot of financial regulation,
At Journal of International Banking Law and Regulation, 2016
Pellegrini, Critical analysis of the Prospectus directive, at EBLR, 2006
Niamh Moloney, Building a Retail Investment Culture through Law: The 2004 Markets in Financial
Instruments Directive, at European Business Organization Law Review 6 (2005): 341-421
Loughran, T. & McDonald, Regulation and financial disclosure: The impact of plain English, B. J
Regul Econ (2014) 45: 94. 49-013-9236-5
Dmitri Boreiko · Guido Ferrarini· Paolo Giudici, Blockchain Startups and Prospectus Regulation,
European Business Organization Law Review (2019) 20:665–694
04-019-00168-6DOI:10.1093/oso/9780198813392.003 .0011
Lucy Frew The EU prospectus reforms: impact on alternative finance. At E.F.P.L. & P. 2016, 10(7),
[ E-Finance & Payments Law & Policy ]
Class 4
The regulation of securities (part 2)
Hannah Meakin, Imogen Garner, Charlotte Henry, Gavin Punia, Wright, Iona, Matthew Gregory,
Albert Weatherill, Anna Carrier, John Davison and Simon Lovegrove, MIFID II, at C.O.B.
(Compliance Officer Bulletin), 2017 (available via WESTLAW)
Danny Busch, Self-placement, dealing on own account and the
provision of investment services under MiFID I & II, Capital Markets Law Journal, Vol. 14, No. 1,
Busch, D. (2017), MiFID II and MiFIR: stricter rules for the EU financial markets, Law and Financial
Markets Review, Vol. 11 Nos 2/3, pp. 126-142
Iris H -Y Chiu, Alan H Brener, Articulating the gaps in financial consumer protection and policy
choices for the financial conduct authority—moving beyond the question of imposing a duty of
care, Capital Markets Law Journal, Volume 14, Issue 2, April 2019, Pages 217–250,
Victoria Stace, Mis-selling financial products: when can the customer claim in negligence?, at
Journal of Business Law, 2016
Class 5
The regulation of securities (part 3)
Compulsory readings
Danny Busch,The private law effect of the EU market abuse regulation, 2019, Capital Markets Law
Journal, Vol. 14, No. 3
Lau Hansen, Jesper. ‘Insider Dealing Defined: The EU Court’s Decision in Spector Photo Group’.
European Company Law 7, no. 3 (2010): 98–105
Khurram Shahzad and Gerard Mertens, The European Market Abuse Directive: Has it Worked? At
Journal of International Financial Management & Accounting 28:1 2017 [NB: this is an economic
Michael G. Faure, Claire Leger, The Directive on Criminal Sanctions for Market Abuse: A Move
Towards Harmonizing Inside Trading Criminal Law at the EU Level, Brooklyn Journal of Corporate,
Financial & Commercial Law Volume 9 | Issue 2, 2015
Öberg, J. (2014) Is it ‘essential’ to imprison insider dealers to enforce insider dealing laws?.
Journal of Corporate Law Studies, 14(1): 111-138 4.1.111
Elizabeth Szockyj and Gilbert Geis,’ Insider trading: Patterns and analysis’ (2002) 30 Journal of
Criminal Justice 273 (you can access this via science direct) [NB: this is an economic paper.
Seggested readings
Andrea Perrone
EU Market Abuse Regulation: The Puzzle of Enforcement, 2020, at
European Business Organization Law Review 04-019-00171-x
Paul Rose, Certifying the ‘Climate’ in climate bonds, Capital Markets Law Journal, Volume 14,
Issue 1, January 2019, Pages 59–77,
Lev Bromberg, George Gilligan and Ian Ramsay Financial market manipulation and insider trading:
an international study of enforcement approaches.
J.B.L. 2017, 8, 652-679
[ Journal of Business Law ]
Myklebust, Trude. ‘Fairness and Integrity in High- Frequency Markets – A Critical Assessment of
the European Regulatory Approach’. European Business Law Review 31, no. 1 (2020): 33-76.

Type of service-Academic paper writing
Type of assignment-Essay
Pages / words-8 / 2200
Academic level-Master’s
Paper format-MLA
Line spacing-Double
Language style-UK English

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