The course addresses various matters in Italian and European capital markets and securities regulation. First of all, an analysis will be made on the matters related to the various securities traded in capital markets, from the notion of financial instruments to their dematerialization. Second, the course will address the role of the different players acting in capital markets and their services to clients, with separate understanding of the issues raised by financial services and the management of collective investment. Additional analysis will be made on the regulation of the investment and disinvestment solicitation and the obligation to publish the prospectus. Finally the course will deal with specific matters related to issuers' regulation and with the laws on market abuse and market manipulation.
Expected learning outcomes
1) Knowledge and understanding. Students shall demonstrate deep knowledge of capital markets and securities regulation and the role of the various players acting in the industry. 2) Applying knowledge. Students shall demonstrate ability to gather, interpret and apply the law and the regulation included in the program to practical cases. 3) Making Judgment. Students shall demonstrate ability to understand the scope and the goals of the law and regulation included in the program, as well as the ability to elaborate solutions on the relevant issues on the basis of correct legal arguments. 4) Communication. Students shall demonstrate ability to communicate the acquired knowledge by raising arguments that are logically coherent and scientifically correct in the appropriate language. 5) Learning skills. Students shall demonstrate those learning skills that are necessary for them to undertake further study with a high degree of autonomy
The course addresses: - capital markets and securities regulation: the reasons of the regulation and the impact of EU laws; - supervisory Authorities; - financial products and instruments; - financial intermediaries and their services: investment services and collective investment undertakings; - regulated markets; - the offer to the public of financial products; - the prospectus. Prospectus liability. Information to be disclosed to the market; - market abuse and market manipulation; - Issuers' regulation; - public tender offers for the purchase or the underwriting of financial instruments.
Prerequisites for admission
The course is for students who have passed the examination in Commercial Law.
The course is taught through oral lectures by the Professor. During the class, it will be encouraged the analysis of case law or other precedents, the discussion in class and possible presentation by students.
Recommended books: - F. Annunziata, La disciplina del mercato mobiliare, Torino, Giappichelli, last printed edition; or - R. Costi, Il mercato mobiliare, Torino, Giappichelli, last printed edition. At the beginning of the class different books may be recommended based on printed editions available. Students attending the class will have access to handouts and materials.
Assessment methods and Criteria
The final examination takes place in the form of an oral examination and the grades are expressed in a scale from zero to thirty (30), with the possible the mention "cum laude". The criteria to evaluate the oral examination are based on the ability of the student to provide correct answers, to make a clear presentation and to make critical analysis and arguments.