| CODE | BFI5402 | ||||||||||||
| TITLE | Securities Regulation | ||||||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||||||
| MQF LEVEL | 7 | ||||||||||||
| ECTS CREDITS | 5 | ||||||||||||
| DEPARTMENT | Banking, Finance and Investments | ||||||||||||
| DESCRIPTION | This study-unit focuses on European and Maltese securities regulation and the industry they govern with particular emphasis on the regulation of issuers of financial instruments, trading platforms, post trading service providers, investment firms, credit rating agencies and collective investment schemes. Topics Covered Include: - Objectives and principles of Securities Regulation; - The EU law making model and the governance structure for financial supervision; - EU Securities Regulation: European Securities and Markets Authority Regulation, Markets in Financial Instruments Directive, Market Abuse Directive and Regulation, Capital Adequacy Directive and Regulation, Undertakings for Collective Investment in Transferable Securities Directive, Alternative Investment Fund Managers Directive, Prospectus Regulation, Transparency Directive, Credit Rating Agency Regulation and the Money Laundering Directive; - Maltese Law which implements EU Securities Regulation: Investment 福利在线免费 Act, Financial Markets Act, Prevention of Money Laundering Act, and Prevention of Financial Markets Abuse Act; - The institutional architecture for financial supervision and the role of the central bank at European and National Level, including the role of the European Supervisory Authorities and the European Central Bank. Study-Unit Aims: The unit aims at providing students with an overview of: - the objectives and principles of the regulation of providers of securities services; - the European Union (鈥楨U鈥�) dimension of securities regulation and the new European governance structure for supervision; and - the Maltese legal framework which implements EU law in this field. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Explain the nature of securities regulation and supervision; - List and explain the opportunities and challenges in the field of securities regulation and supervision; - List and explain the institutional architecture for financial supervision generally and in the field of securities business; - List the main topical issues in securities regulation and supervision in Malta. 2. Skills: By the end of the study-unit the student will be able to: - Assess and apply which regulation is applicable in particular circumstances; - Assess and apply which regulation is applicable with respect to specific types of activities in the field of securities business; - Interpret relevant laws and regulations in the field of securities; - Discuss relevant case law related to the field of securities. Main Text/s and any supplementary readings: Main Texts: - Michael Raffan, A Practitioner鈥檚 guide to EU Financial 福利在线免费 Directives [2nd edition], City & Financial Publishing, ISBN 1-905121-07-5. Supplementary Readings: - Buttigieg, Christopher P. and Consiglio, John A. and Sapiano, Gerd, A Critical Analysis of the Rationale for Financial Regulation Part I: Theories of Regulation (2020). European Company and Financial Law Review, ECFR 2020, 419鈥�436, Available at SSRN: https://ssrn.com/abstract=3748028 - Buttigieg, Christopher P. and Consiglio, John A. and Sapiano, Gerd, A Critical Analysis of the Rationale for Financial Regulation Part II: Objectives of Financial Regulation (2020). European Company and Financial Law Review, ECFR 2020, 437鈥�477, Available at SSRN: https://ssrn.com/abstract=3748031 - Christopher P. Buttigieg, Governance of Securities Regulation and Supervision: Quo Vadis Europa? (February 9, 2015). Columbia Journal of European Law, Vol. 21, 2015, pp 411 - 449, Available at SSRN: https://ssrn.com/abstract=2585453 - Christopher P. Buttigieg (2019): EU regulation and supervision of securities business: a critical analysis of the challenges faced by the National Competent Authorities of small EU and EEA EFTA Member States, Law and Financial Markets Review, DOI: 10.1080/17521440.2019.1602695, Available at SSRN: https://ssrn.com/abstract=3747908 - Buttigieg, Christopher P. and Agius, Joseph and Saliba, Sandra, Establishing an EU Internal Market for Depositaries (2020). Journal of Financial Regulation and Compliance 2020, Emerald Publishing Limited, 1358-1988, DOI 10.1108/JFRC-10-2019-0130, Available at SSRN: https://ssrn.com/abstract=3747929 - International Organisation of Securities Commissions, Objectives and Principles of Securities Regulation, 2017. - Niamh Moloney, EU Securities and Financial Markets Regulation [3rd Edition], Oxford University Press, ISBN 9780199664344 - Niamh Moloney, The Age of ESMA, Hart Publishing, ISBN 9781509944330 - Ranier Kattel, Jan Kregel, Mario Tonveronachi, Financial Regulation in the European Union (Routledge Critical Studies in Finance and Stability) ASIN: 1138914045 |
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| ADDITIONAL NOTES | Pre-requisite Qualifications: B.Com. (Hons.) Banking & Finance, B.Com. Banking & Finance Major or equivalent | ||||||||||||
| STUDY-UNIT TYPE | Lecture | ||||||||||||
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| LECTURER/S | Christopher Peter Buttigieg |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
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