Module LAWM112 for 2019/0
- Overview
- Aims and Learning Outcomes
- Module Content
- Indicative Reading List
- Assessment
Postgraduate Module Descriptor
LAWM112: Financial Markets Law and Regulation
This module descriptor refers to the 2019/0 academic year.
Module Aims
The underlying aim of this module is to identify and explore the fundamental principles of financial regulation relating to the selling of financial instruments and investment products as identified by statute (thus excluding deposit-taking banking business). The module covers international, EU and UK regulatory initiatives. Among the regulatory fields which are covered are: conduct of business, financial promotion and investor protection more generally; market abuse; issues of securities; and capital maintenance.
The more detailed aims of this module are therefore for you:
1: to analyse the principles of the law of finance as they relate to the overlap between norms of financial regulation and norms of substantive law;
2: to analyse the law governing the creation of contracts in high-volume financial markets between traders and between traders and retail customers;
3. to analyse the liabilities of financial institutions for wrongs and breaches of fiduciary duty in financial transactions;
4: to analyse the efficacy of the regulations in the FCA Handbook in the context of investment business;
5: to explore the policies underpinning the reforms to EU and UK regulatory structures in the wake of the financial crisis of 2007-09 and thereafter; and
6: to develop a critical understanding of standard market practice and the issues with transacting in compliance with financial regulation.
On successfully completing the programme you will be able to: | |
---|---|
Module-Specific Skills | 1. Demonstrate detailed knowledge of principles of financial regulation and of the substantive law relating to investment contracts 2. Evaluate critically the effectiveness of financial regulation in the context of investment business 3. Demonstrate in-depth knowledge of principles of common law and equity in relation to investment business |
Discipline-Specific Skills | 4. Apply principles of the common law and equity to factual problems 5. Analyse critically the nature and objectives of the law in relation to investment business |
Personal and Key Skills | 6. Analyse issues arising from the inter-action of principles of substantive law and financial regulation in a specific commercial context 7. Exercise critical judgment in relation to commercial issues |
Module Content
Syllabus Plan
Whilst the module’s precise content may vary from year to year, it is envisaged that the syllabus will cover some or all of the following topics:
Section 1: Sources of financial regulation
Section 2: The Financial Conduct Authority regime under the Financial Services and Markets Act 2000
Section 3: Conduct of Business regulation
Section 4: Issues in the creation of contracts
Section 5: The nature of financial contracts
Section 6: The liability of financial institutions at common law
Section 7: The liability of financial institutions in equity
Section 8: Taking security and recovering property in financial contracts
Section 9: The nature of investment entities
Section 10: Communal investment schemes
Section 11: Unit trusts and collective investment schemes
Learning and Teaching
This table provides an overview of how your hours of study for this module are allocated:
Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
---|---|---|
33 | 267 |
...and this table provides a more detailed breakdown of the hours allocated to various study activities:
Category | Hours of study time | Description |
---|---|---|
Scheduled Learning and Teaching Activities | 33 hours | 11 x 3 hour seminars. Lecturer-led, three-hour seminars (total of 11). Students will be expected to make at least one presentation during the course. |
Guided Independent Study | 150 hours | Preparation for seminars |
Guided Independent Study | 8 hours | Preparation for and writing of formative essay |
Guided independent study | 109 hours | Preparation for and writing of summative essays |
Online Resources
This module has online resources available via ELE (the Exeter Learning Environment).
Journal articles, case law and statutes available through the ordinary legal databases. FCA financial regulation all available free on-line via www.fca.gov.uk.
How this Module is Assessed
In the tables below, you will see reference to 'ILO's. An ILO is an Intended Learning Outcome - see Aims and Learning Outcomes for details of the ILOs for this module.
Formative Assessment
A formative assessment is designed to give you feedback on your understanding of the module content but it will not count towards your mark for the module.
Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
---|---|---|---|
Presentation/discussion of topics in seminars | 10 x 3 hour seminars plus preparation time. | 1-7 | Feedback within seminar; additional oral feedback available on request |
Written essay | 1,500 words | 1-7 | Written feedback; additional oral feedback available on request |
Summative Assessment
A summative assessment counts towards your mark for the module. The table below tells you what percentage of your mark will come from which type of assessment.
Coursework | Written exams | Practical exams |
---|---|---|
100 | 0 | 0 |
...and this table provides further details on the summative assessments for this module.
Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
---|---|---|---|---|
Essay | 100 | 7,500 words | 1-7 | The School of Law standard |
0 | ||||
0 | ||||
0 | ||||
0 | ||||
0 |
Re-assessment
Re-assessment takes place when the summative assessment has not been completed by the original deadline, and the student has been allowed to refer or defer it to a later date (this only happens following certain criteria and is always subject to exam board approval). For obvious reasons, re-assessments cannot be the same as the original assessment and so these alternatives are set. In cases where the form of assessment is the same, the content will nevertheless be different.
Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
---|---|---|---|
Essay | Essay (7500 words) | 1-7 | August/September reassessment period |
Indicative Reading List
This reading list is indicative - i.e. it provides an idea of texts that may be useful to you on this module, but it is not considered to be a confirmed or compulsory reading list for this module.
Module textbook:
Niamh Moloney, EU Securities and Financial Markets Regulation (OUP, 2016)
Eilis Ferran & Look Chan Ho, Principles of Corporate Finance Law ( OUP 2014)
Collin Bamford, Principles of International Financial Law (OUP 2015)
Other textbooks:-
Ellinger, Lomnicka and Hare, Modern Banking Law (5th ed., Oxford, 2010).
R Cranston, Principles of Banking Law (Oxford, 2002).
Library reference:-
W Blair and G Walker (eds), Financial Services Law (2e, OUP, 2009)
W Blair and G Walker (eds), Financial Markets and Exchanges Law (1e, OUP, 2005)
Butterworths Banking Law Encyclopaedia, (LexisNexis, looseleaf) covers a part only of the module.
Financial Services Law Encyclopedia, (Sweet & Maxwell, looseleaf), annotated statutes only.
Alastair Hudson, The Law on Financial Derivatives (5th ed., Sweet & Maxwell, 2012)
Alastair Hudson, Securities Law (2nd ed, Sweet & Maxwell, 2013)
Alastair Hudson, The Law of Finance (2nd ed., Sweet & Maxwell, 2013)