Financial markets and securities law

A.Y. 2020/2021
6
Max ECTS
42
Overall hours
SSD
IUS/04
Language
Italian
Learning objectives
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
Course syllabus and organization

Single session

Responsible
Lesson period
Second semester
TEACHING METHODS
Classes will be taught on Microsoft Teams at the scheduled hours for the class. Classes will be also recorded and made available to students throughout the whole period of classes both on Microsoft Teams and the Ariel website. Information on how to access to class on Microsoft Teams and any other instruction on teaching activities will be made available on the Ariel website. It is recommended that students check the Ariel website regularly.
Where possible due to the pandemic emergency for Covid-19, to the extent permitted by applicable laws and regulation, classes will be also taught in person by the Professor at the scheduled hours for the class. In-person classes will be taught simultaneously with video access on Microsoft Teams and their recording, which will continue to be provided as described above for those students who will not attend in person. In this case, students will be timely informed through the Ariel website.

COURSE PROGRAM AND MATERIALS
The course program and materials will not change.

EXAMINATION
The examination and the evaluation criteria will not change.
The final examination will take place in the form of an oral examination through Microsoft Teams.
Where possible due to the pandemic emergency for Covid-19, to the extent permitted by applicable laws and regulation, as well as by the availability of classes and the social distance restrictions, the final examination will take place also in person. In this case, the possibility to take the examination through Microsoft Teams will continue to be granted to those students who will not attend in person.
Further information and updates will be timely made available on the Ariel website. It is therefore recommended that students check the Ariel website regularly.
Course syllabus
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.
Teaching methods
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.
Teaching Resources
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.
IUS/04 - BUSINESS LAW - University credits: 6
Lessons: 42 hours
Professor: Baccetti Niccolo'
Professor(s)
Reception:
Thursday 13.15
Due to the pandemic emergency for Covid-19, meetings with student take place on Microsoft Teams. team name: Prof. Baccetti - Ricevimento; team code: zizeu0s