Prof Julia Black NAB 7.09

This course is available on the MPA in European Public and Economic Policy, MPA in International Development, MPA in Public Policy and Management, MPA in Public and Economic Policy, MPA in Public and Social Policy, MSc in Accounting, Organisations and Institutions, MSc in Law and Accounting, MSc in Regulation, MSc in Risk and Finance, Master of Laws and Master of Laws (extended part-time study). This course is not available as an outside option.

This course is capped at 90 students. This course will be relevant to the following LLM specialisms: Banking Law and Financial Regulation, Corporate and Securities Law and International Business Law.

This course examines the principles of financial regulation and the dynamics of the regulatory structures at the international, EU and UK level. The aim is to develop a critical understanding of the changing conceptual framework for financial regulation, and an awareness of its practical operation. The focus will be on the regulation of national and international aspects of financial services and markets, rather than on private law and transactional aspects. 

No previous knowledge of financial market regulation or background in economics is required for those wishing to follow this course. Indeed, the course provides a good background for further study of both financial and economic law and economic analysis of law. The course might be regarded as complementary to a number of other courses.

The syllabus includes the following topics: • Dynamics of financial crises • Economic theories of financial markets • Sociological theories of financial markets • Shifting rationales of regulation • Dynamics of regulation at the global, EU and national level (focusing on the UK) • Regulation inside firms including the corporate governance of financial institution • Strategies of supervision and enforcement.

20 hours of seminars in the MT.

There will be 10 two-hour seminars in up to 3 parallel groups (each with a maximum of 30 students) and one revision seminar. A number of guest lecturers may also be invited to give lectures on their specialist areas.

All students are expected to produce one 2,000 word formative essay during the course.

A full reading list will be distributed during the course and essential materials will be made available to the students electronically where possible. In addition, the students will be invited to do independent reading. Good general introductions are A. Turner et al, The Future of Finance: The LSE Report (2011) and D. Tarullo, Banking on Basel (2008) and E. Avgouleas, Governance of Global Financial Markets (2012).

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