Dr Eva Micheler (NAB 5.14), Dr Elizabeth Howell (NAB.6.05) and Mr Edmund-Philipp Schuster (NAB 6.30)

This course is available on the LLM (extended part-time), LLM (full-time), MSc in Law and Accounting and University of Pennsylvania Law School LLM Visiting Students. This course is available with permission as an outside option to students on other programmes where regulations permit.

This course is capped at 90 students.

The course examines the private law rules governing how companies raise finance. The issues covered include e.g. capital structures, identifying and protecting shareholder rights, issuing shares and debt, initial legal capital and alternatives, dividends, reduction of capital and share buy-backs, property rights in shares, the settlement and holding of securities including through distributed ledger (blockchain) technology and insider dealing and market manipulation.

20 hours of lectures and 4 hours of seminars in the MT. 2 hours of lectures in the ST.

Students will have the opportunity to write a formative essay for each of the classes. All students are strongly encouraged to write at least one essay.

Gower and Davies, Principles of Modern Company Law, 10th edn, 2016; Eilis Ferran and Look Chan Ho, Principles of Corporate Finance Law, 2014, Eva Micheler, Interests in Securities, 2007.

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