Dr Joanne Braithwaite NAB7.28

This course is available on the MSc in Law and Accounting, Master of Laws and Master of Laws (extended part-time study). This course is available with permission as an outside option to students on other programmes where regulations permit.

LL4F2 examines the legal issues which arise in international financial markets based in London. It is a good fit with LL4H4 (Financial Law), though this is not a pre-requisite. This course looks at various types of financial transactions and structures which are widely used in the financial markets, such as derivatives and syndicated loans. We make reference to certain sets of trade association drafted terms throughout the course. With an emphasis on private law, the course considers the relevant legal, commercial and regulatory background and the risks and protections available to participants in the global financial markets. The course is based upon an analysis of the relevant issues under English law with some reference to other systems for comparative purposes and it ties in well with the LLM evening seminars in financial and corporate law. The course will be underpinned by discussion of the legal principles involved in international finance, but the case studies referenced will be topical. In this sense, the content of the course will be adapted to the fast moving developments affecting international markets in capital and in risk (for example, in recent sessions the course has examined the legal basis of prime brokerage relationships, the related Lehman Brothers litigation and the ongoing regulatory reform of the OTC derivatives markets, including the new requirement of mandatory CCP clearing, triggered by the G20 statement in 2009).

22 hours of lectures and 5 hours of seminars in the LT. 2 hours of lectures in the ST.

Students will be asked to submit one essay, which may be completed in exam conditions.

Examples of texts which will be referenced on the course: J Braithwaite, 'Law after Lehmans' (LSE Law Working Paper 11/2014); J Braithwaite 'Standard form contracts as transnational law' (2012) 75(5) MLR 779;  E Ferran, Principles of Corporate Financial Law (OUP, 2014); L Gullifer and J Payne, Corporate Finance Law: Principles and Policy (Hart, 2011); J Benjamin, Financial Law (OUP, 2007); C Bamford, Principles of International Financial Law (OUP, 2015). A full reading list will be distributed via Moodle.

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

Assessment is by closed book written examination (100%) which students sit in the summer term.