This course – which will be taught in English - aims at providing an in-depth understanding of the institutional and legal underpinnings of the European financial economy by examining the law and regulation governing financial services in the European Union.
The course will be divided in two parts.
I) The first part of the course is mostly descriptive, seeking to answer fundamental questions such as: what are financial services? How do they work? Are they important for the functioning of the economy, and why? How can they have a positive/negative impact on individuals and society at large?
II) The second part of the course is more analytical. It examines the institutional structures and the legal rules governing the provision of financial services in the EU, with a particular focus on banking and investment services. The course will cover the main EU directives and regulations relevant to this field of law (such as the 2014 MIFI Directive and the 2013 CRD IV Banking Directive), as well as other relevant normative source concerning the provision of banking and investment services, including the most recent legal and institutional reforms spurred by the current financial and banking crises.
Topics covered include: the financial integration project and the legal tools to create a single market in financial services; banks and investment firms and the free movement of firms, services and capital; the harmonized regulatory regime which applies to banks and investment firms; retail financial services and consumer protection; prudential regulation and the protection of financial stability in the EU; the institutional structure for law-making and for banking and investment services supervision; the division of regulatory and supervisory powers between the EU and the Member States and between Member States.
|E. Avgouleas||Governance of Global Financial Markets. The Law, the Economics, the Politics.||CUP||2012||pp. 263-266, 289-321|
|L. Quaglia||Governing Financial Services in the European Union. Banking, Securities and Post-trading||Routledge||2010||pp. 1-166|