International Financial Transactions and Digitalisation
A.Y. 2025/2026
Learning objectives
Undefined
Expected learning outcomes
Undefined
Lesson period: Third trimester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course can be attended as a single course.
Course syllabus and organization
Single session
Responsible
Lesson period
Third trimester
Course syllabus
First Unit (in Italian)
- The law applicable to companies/corporations: issues relating to the incorporation, corporate bodies and governance;
- The status of the shareholders: administrative and patrimonial rights, the relationship between lex societatis and lex tituli;
- The cross-border mergers of corporations between the EU and Italian conflict-of-law rules.
The ECJ case-law on cross-border mobility of companies
The EU regime on cross-border insolvency
Second Unit (in English)
- Cross-border financial transactions at the interface of digitalisation:
Choice of law rules on financial instruments (under EU "Rome I" Regulation), interaction between the law applicable to financial instruments and the mandatory rules of the market in which they are traded or listed;
- The law governing intermediated financial transactions: the role of DLT technologies
- The law governing proprietary rights over financial instruments, including digital tokens
- The law governing the assignment of financial claims
- Non-contractual obligations in cross-border financial transactions
- The law applicable to companies/corporations: issues relating to the incorporation, corporate bodies and governance;
- The status of the shareholders: administrative and patrimonial rights, the relationship between lex societatis and lex tituli;
- The cross-border mergers of corporations between the EU and Italian conflict-of-law rules.
The ECJ case-law on cross-border mobility of companies
The EU regime on cross-border insolvency
Second Unit (in English)
- Cross-border financial transactions at the interface of digitalisation:
Choice of law rules on financial instruments (under EU "Rome I" Regulation), interaction between the law applicable to financial instruments and the mandatory rules of the market in which they are traded or listed;
- The law governing intermediated financial transactions: the role of DLT technologies
- The law governing proprietary rights over financial instruments, including digital tokens
- The law governing the assignment of financial claims
- Non-contractual obligations in cross-border financial transactions
Prerequisites for admission
Students are supposed to be cognizant of the general notions and instruments of conflicts-of-laws, as well as of the rules provided under Rome I Regulation No 593/2008 on the law applicable to contractual obligations (e.g., F. Mosconi, C. Campiglio, Diritto internazionale privato e processuale. Parte generale, UTET, last ed.). Moreover, students may benefit from reading a handbook on company law (e.g., F. Annunziata, La disciplina del mercato mobilitare, Giappichelli or R. Costi, Il mercato mobiliare, Giappichelli, ult.last ed. ; and G.F. Campobasso, Diritto commerciale, vol. 2, UTET, last ed.).
Teaching methods
The teaching methodology is based on lectures, coupled with oral and PowerPoint presentations delivered by students, as well as case studies and case simulations. The interaction with and among participants will be channelled through Microsoft Teams (code: vsy4gqm)and the course MyAriel website.
Teaching Resources
First Unit
M.V. Benedettelli, Art. 25, in Nuove leggi civili commentate, 1996, pp. 1108-1148
M.V. Benedettelli, Introduzione al diritto internazionale privato ed europeo delle società, in M.V. Benedettelli-M. Lamandini, Diritto societario europeo e internazionale, UTET, 2016, pp. 1-67
F.C. Villata, La legge applicabile alla negoziazione di strumenti finanziari nel regolamento Roma I, in N. Boschiero, La nuova disciplina comunitaria della legge applicabile ai contratti (Roma I), Torino, 2009, pp. 417-442
A. Leandro, voci Insolvency: Applicable Law, Cooperation and Recognition, Jurisdiction and Vis Attractiva, in Encyclopedia of Private International Law
Edited by Jürgen Basedow , Giesela Rühl , Franco Ferrari , and Pedro de Miguel Asensio https://www-elgaronline-com.pros1.lib.unimi.it/display/book/9781782547235/9781782547235.xml
Second Unit
P. Peach, Cross-border issues of securities law: European efforts to support securities
markets with a coherent legal framework, https://www.europarl.europa.eu/document/activities/cont/201106/20110606ATT20781/20110606ATT20781EN.pdf
E.-M. Kieninger, European rules on the law applicable to third-party effects of assignments: a never-ending story?, in Uniform Law Review, Vol. 24, 2019, 633-648
Hendrik Le Verhagen & Sanne van Dongen, Cross-Border Assignments under Rome I, Journal of Private International Law, 2010, pp. 1-21
F. Garcimartin, The law applicable to the prospectus liability in the European Union, in Law and Financial Markets Review, 2011, pp. 449-457
M. Lehmann, Prospectus liability and private international law - assessing the landscape after the CJEU's Kolassa ruling (Case C-375/13), in Journal of Private International Law, 2016, pp. 318-343
Relevant legislation may be retrieved at https://eur-lex.europa.eu/homepage.html
M.V. Benedettelli, Art. 25, in Nuove leggi civili commentate, 1996, pp. 1108-1148
M.V. Benedettelli, Introduzione al diritto internazionale privato ed europeo delle società, in M.V. Benedettelli-M. Lamandini, Diritto societario europeo e internazionale, UTET, 2016, pp. 1-67
F.C. Villata, La legge applicabile alla negoziazione di strumenti finanziari nel regolamento Roma I, in N. Boschiero, La nuova disciplina comunitaria della legge applicabile ai contratti (Roma I), Torino, 2009, pp. 417-442
A. Leandro, voci Insolvency: Applicable Law, Cooperation and Recognition, Jurisdiction and Vis Attractiva, in Encyclopedia of Private International Law
Edited by Jürgen Basedow , Giesela Rühl , Franco Ferrari , and Pedro de Miguel Asensio https://www-elgaronline-com.pros1.lib.unimi.it/display/book/9781782547235/9781782547235.xml
Second Unit
P. Peach, Cross-border issues of securities law: European efforts to support securities
markets with a coherent legal framework, https://www.europarl.europa.eu/document/activities/cont/201106/20110606ATT20781/20110606ATT20781EN.pdf
E.-M. Kieninger, European rules on the law applicable to third-party effects of assignments: a never-ending story?, in Uniform Law Review, Vol. 24, 2019, 633-648
Hendrik Le Verhagen & Sanne van Dongen, Cross-Border Assignments under Rome I, Journal of Private International Law, 2010, pp. 1-21
F. Garcimartin, The law applicable to the prospectus liability in the European Union, in Law and Financial Markets Review, 2011, pp. 449-457
M. Lehmann, Prospectus liability and private international law - assessing the landscape after the CJEU's Kolassa ruling (Case C-375/13), in Journal of Private International Law, 2016, pp. 318-343
Relevant legislation may be retrieved at https://eur-lex.europa.eu/homepage.html
Assessment methods and Criteria
ATTENDING students will have the opportunity to take intermediate written tests with open-ended questions, and register the grade expressed in thirtieths resulting from the average of the marks reported in the tests
Attending students shall take the oral exam if both written tests are insufficient or if any student decides not to accept the mark obtained in the written tests. Attending students will also have the opportunity to take the exam entirely in oral form.
During the course, the knowledge gradually acquired will also be assessed through oral and/or electronic presentations of the aspects of in-depth study covered by the course. For each presentation, the student can increase their mark obtained in the intermediate tests by up to 2 points.
Those not attending shall take the exam entirely in oral form.
The part of the exam relating to the second module is in English - this applies to both attending and non-attending students.
The examination methods above aim at ascertaining the knowledge of the fundamental tools of legal analysis of cross-border financial transactions, also through the assessment of the student's ability to frame and resolve case studies independently and to critically analyse the solutions offered by practice for situations involving a dispute and to present their evaluation with awareness and correct specialist language. The final grade will take into consideration both the theoretical knowledge aspects and the argumentative and expository capacity.
Attending students shall take the oral exam if both written tests are insufficient or if any student decides not to accept the mark obtained in the written tests. Attending students will also have the opportunity to take the exam entirely in oral form.
During the course, the knowledge gradually acquired will also be assessed through oral and/or electronic presentations of the aspects of in-depth study covered by the course. For each presentation, the student can increase their mark obtained in the intermediate tests by up to 2 points.
Those not attending shall take the exam entirely in oral form.
The part of the exam relating to the second module is in English - this applies to both attending and non-attending students.
The examination methods above aim at ascertaining the knowledge of the fundamental tools of legal analysis of cross-border financial transactions, also through the assessment of the student's ability to frame and resolve case studies independently and to critically analyse the solutions offered by practice for situations involving a dispute and to present their evaluation with awareness and correct specialist language. The final grade will take into consideration both the theoretical knowledge aspects and the argumentative and expository capacity.
IUS/13 - INTERNATIONAL LAW - University credits: 6
Lessons: 40 hours
Professor:
Villata Francesca Clara
Professor(s)
Reception:
Every Tuesday at 16.30. Students are also invited to contact prof. Villata via email and arrange a meeting through Microsoft Teams
Room 29, Third Floor, Department of International, Legal, Historical and Political Studies