LAWSG080 Regulation of Financial Markets

Credit value: 30 credits (15 ECTS, 300 learning hours)
Convenor: Iris H Chiu
Other Teachers: Francisco de la Peña;
Edward Greene
Teaching Delivery: 20 x 2-hour weekly seminars, 10 seminars per term, Term One and Two
Who may enrol: Any UCL Master’s student
Prerequisites: None
Must not be taken with: None
Qualifying module for: LLM in International Banking and Finance Law
Introductory video View introduction video from the module convenor
Practice Assessment: Opportunity for feedback on one optional practice essay per term (two in total)
Final Assessment: One 3-hour unseen written examination (100%)
Module Overview
Module summary:

The module will examine the regulation of the financial markets, focusing on the public policy and regulatory regime for investment-related matters, ie investment firms, investment funds and some aspects of securities regulation. The focus is on the UK and hence emphasis will be placed on the Financial Services and Markets Act, the Financial Conduct Authority’s rulebook, the FCA Handbook, other legislation for the UK and relevant EU Directives. The module wll be of interest for students who wish to advance their understanding of public policy and compliance in financial services regulation, focusing on the investment markets. The course also features substantial discussion on regulatory theories and institutions, as these underpin the public policy in governing various forms of investments and investment markets. The module has a focus on regulation and hence will not deal with transactional issues in international finance.

Module syllabus:

  • Theoretical and public perspectives in investment services and markets regulation
  • The UK Regulator
  • UK’s relationship with the EU investment markets
  • Securities regulation
  • Market Abuse regulation
  • Regulation of credit rating agencies
  • Regulation of investment firms
  • Financial promotions
  • Collective investment schemes in the retail sector
  • The regime for pension funds and their asset managers
  • Alternative investment funds
  • Anti-money laundering and financial crime
Recommended materials:

Module reading lists and other module materials will be provided via online module pages, once students have made their module selections upon enrolment, and the below are only useful books for reference. Teaching is not structured in accordance with any of the books below, and students should be prepared to consult primary EU and UK legislation, the FCA Handbook, relevant case law, official papers and journal articles, as well as parts of relevant books.

  • Iain MacNeil, Introduction to the Law on Financial Investment (Oxford: Hart 2012)
  • Mads Andenas and Iris H-Y Chiu, The Foundations and Future of Financial Regulation (Routledge 2014) at chapters 1, 2, 5-8
  • Awrey et a, Principles of Financial Regulation (Oxford OUP 2016)
Preliminary reading: