Course 2025-2026 a.y.

21049 - INTERNATIONAL FINANCIAL INSTITUTIONS AND MARKETS LAW

Department of Law


Class timetable
Exam timetable

Course taught in English
Go to class group/s: 47
FIN (6 credits - II sem. - OB  |  IUS/05)
Course Director:
FILIPPO ANNUNZIATA

Classes: 47 (II sem.)
Instructors:
Class 47: FILIPPO ANNUNZIATA


Suggested background knowledge

The preliminary knowledge of the fundamental principles of European Union law, with reference to the main institutions and sources of European Union law (in particular, directives and regulations), is essential in order to fully understand the contents of the course.

Mission & Content Summary

MISSION

The course deals with the fundamental principles of EU financial and capital markets law. It addresses regulatory matters concerning the provision of financial services and the organization of the markets for capital in the European Union. The course explains how financial law tries to answer the market failures that affect the proper allocation of capital and highlights how regulation is also subject, in turn, to its own failures. Financial regulation is an essential and connotative part of the curriculum of anybody wishing to operate in the investment banking and financial sectors.

CONTENT SUMMARY

  • The taxonomy of legal sources
  • The supervisory architecture
  • The Savings and Investments Union and the Retail Investment Strategy
  • The markets in financial instruments directive (MiFID II)
  • Trading Venues
  • Collective investment undertakings
  • Prudential regulation
  • EMIR, CSDR and the SFTR
  • The prospectus regulation
  • Transparency directive. Short selling regulation. SHRD II
  • The takeover bids directive
  • PRIIPs
  • Market abuse
  • Sustainable finance & ESG
  • Benchmarks and credit ratings
  • MiCAR, DORA and DLTR

Intended Learning Outcomes (ILO)

KNOWLEDGE AND UNDERSTANDING

At the end of the course student will be able to...

At the end of the course, students will understand:
-    The main elements of financial market regulation in the EU, 
-    The rationale of financial market regulation from the perspective of market failures,   
-    The legal strategies that foster the integration of capital markets in the EU.

APPLYING KNOWLEDGE AND UNDERSTANDING

At the end of the course student will be able to...

•    Deal with the complex system of EU financial regulation, and identify on a case-by-case basis rule applicable to specific issues;
•    Analyse and understand the main texts of EU financial regulation.


Teaching methods

  • Guest speaker's talks (in class or in distance)
  • Collaborative Works / Assignments

DETAILS

  • Guest speaker's talks (in class or in distance)
  • Collaborative Works / Assignments

The course includes guest speakers coming from market players or supervisory authorities, as well as the analysis of case studies, in order to enable students to deal with the contents of the course from a more practical and empirical perspective. The course includes also the presentation to the class of group assignments.


Assessment methods

  Continuous assessment Partial exams General exam
  • Oral individual exam
   x x
  • Written individual exam (traditional/online)
   x x
  • Collaborative Works / Assignment (report, exercise, presentation, project work etc.)
 x    

ATTENDING STUDENTS

The assessment takes place through a continuous assessment, a partial exam and a final written test.

  • The continuous assessment consists of a group assignment to be presented to the class. The list of topics and guidelines for preparing and evaluating the group assignment will be announced at the beginning of the course.
  • Both the partial exam as well as the final written test consist of multiple-choice questions designed to verify the learning of the fundamental legal principles and concepts related to the banking and financial market regulation and their correct understanding.

NOT ATTENDING STUDENTS

The assessment takes place through a partial exam and a final written test.

  • Both the partial exam as well as the final written test consist of multiple-choice questions designed to verify the learning of the fundamental legal principles and concepts related to the banking and financial market regulation and their correct understanding.

Teaching materials


ATTENDING AND NOT ATTENDING STUDENTS

F. Annunziata, The Regulation of EU Capital Markets, Cacucci Editore, 2025.

Chapters to be studied will be announced at the end of the course, depeneding on the topics covered in each lecture.

 

Last change 26/11/2025 10:33