Università degli Studi di Urbino Carlo Bo / Portale Web di Ateneo


TRADE AND FINANCIAL MARKETS LAW mutuato
DIRITTO DEL COMMERCIO E DEI MERCATI FINANZIARI

A.Y. Credits
2021/2022 8
Lecturer Email Office hours for students
Elisabetta Righini By appointment via email.
Teaching in foreign languages
Course with optional materials in a foreign language English
This course is entirely taught in Italian. Study materials can be provided in the foreign language and the final exam can be taken in the foreign language.

Assigned to the Degree Course

Economics and Management (LM-77)
Curriculum: ECONOMIC ANALYSIS
Date Time Classroom / Location
Date Time Classroom / Location

Learning Objectives

The course aims to provide students with the concepts and theoretical basis necessary for understanding :

the legal and economic sectors , with particular reference to the financial markets , in their articulation in the banking, insurance and securities markets ;

the domestic norms and the national and EU legal systems concerning the economic and market activities , with particular reference to the financial markets, the legal framework of the functioning of the markets and the rules governing the activities of the actors who operate on them : intermediaries , investors , institutional investors ;

 the purposes , contexts and effects of legal policies and economic policy with particular reference to the financial markets and the financial intermediaries sector.

Program

With regard to the regulation of the securities market, the following topics will be covered:

History of the Italian and EU legislation
Securities and Financial instruments
Securities offers, IPOs and takeover bids
Financial services and investment intermediaries
Institutional investors (investiment and pension funds)
Discipline and regulation of stock exchanges
The discipline of companies with listed shares
Controls and supervision on the securities market

With reference to the banking sector, the following topics will be addressed:

Banks and the financial markets
Access to the of banking business

With regard to the insurance industry, the following topics will be addressed:

The insurance company: general discipline, controls and supervision

Learning Achievements (Dublin Descriptors)


Knowledge and understanding:
at the end of the course students should have acquired knowledge and understanding relating to national legal rules governing the functioning of financial markets with regard to the role and function of intermediaries and institutional investors as well as private investors and savers, and also to the consequences in terms of legal policies and economic policy of these regulations, especially with regard to investor protection and market efficiency.
The acquisition of the above requirements will be verified in the following ways:  intermediate tests and final exams of each course.


Applying knowledge and understanding: students need to be able to appropriately and flexibly apply their knowledge in order to interpret and apply the rules on financial intermediaries and markets of the national legal system, with references also with the EU and international discipline, together with the ability to understand the functioning of markets and the behavior of the agents, as well as to relate the system of rules with the functioning of economic systems.
They will also gain the ability to access, including through databases, understand and use the sources of case law, and the basic ability to develop legal documents in the context of negotiation, extrajudicial and judicial.
The acquisition of the above requirements will be through the analysis of court cases, supervisors documents,  final exams tests

.
- Making judgments: students must have the ability to elaborate integrated schemes using the knowledge acquired during the course and to confront complex problems independently and with their personal judgment Specifically, this autonomy of judgment will have to be expressed through the acquisition of interpretative skills, case studies and qualification of the relationship between the facts of reality and legal case analysis, in order to be able to identify, represent and solve problems of protection of the rights and of resolution of interindividual and collective conflicts, in order to produce legal texts for negotiations and litigation that are clear, relevant and effective. The methods of educational work in which these results will be achieved will consist of: lectures, with the possibility of production of papers and documents.
- Communicative skill: Students should acquire clear and effective communication skills, thanks to a good command of the vocabulary related to the topics covered during the course, in particular, with reference to  course of Trade and financial markets law they should gain ability to describe and deeply know the legal problems both in the relationship with operators and professional subjects, with potential customers or interested parties. They must also possess the ability to illustrate the logical-legal paths that lead to the solution of theoretical problems, as well as influencing skills and abilities in arguments exposure, even during discussions with other qualified entities. The methods of educational work in which these results will be achieved will consist of: lectures, and  production of papers and documents.
- Learning skills: Students must have developed good learning skills that enable them to deepen the knowledge acquired during the course in addressing the following courses of study, even after graduation, and to acquire new knowledge, skills and abilities through professional experience.In particularly, with reference to the course of trade and financial markets law, they will gain skills and basic tools for the constant updating of their skills; ability to understand the complexity of the legal phenomenon; ability to independently follow the evolution of the living law. The methods of educational work in which these results will be achieved principamente will consist of lectures, with possible production of paper and documents.

Teaching Material

The teaching material prepared by the lecturer in addition to recommended textbooks (such as for instance slides, lecture notes, exercises, bibliography) and communications from the lecturer specific to the course can be found inside the Moodle platform › blended.uniurb.it

Supporting Activities

The teaching material prepared by the lecturer (such as for instance slides, lecture notes, exercises) and specific communications from the lecturer can be found, together with other supporting activities, inside the Moodle platform.


Didactics, Attendance, Course Books and Assessment

Didactics

The course includes mainly the teaching mode of  frontal lessons: during the lessons some moments will be also dedicated to the analysis and reading, by group work, of documents and texts of in English regarding  the issues of Financial markets and financial intermediaries and their legal discipline and regulation.

Attendance

Students attending at least two-thirds of the lessons will be considered attendants.

IMPORTANT NOTICE: DUE TO THE METHODS OF DELIVERY OF THE TEACHING, WHICH, FOR THE SITUATION RELATING TO THE CORONAVIRUS, COULD TAKE PLACE SIMULTANEOUSLY IN PRESENCE AND IN STREAMING ON THE MOODLE PLATFORM, IN SUCH CASES STUDENTS WILL BE CONSIDERED ATTENDING  WITHOUT ANY DISTINCTION BETWEEN THOSE WHO WILL BE PRESENT IN THE CLASSROOM AND THOSE WHO WILL FOLLOW BY TELEMATICS, BECAUSE THEY PREFER NOT TO PARTICIPATE IN PRESENCE.

IN ORDER TO ACCESS THE LESSONS IN STREAMING, STUDENTS SHOULD REGISTER ON THE MOODLE PAGE OF THE TRADE AND FINANCIAL MARKETS LAW COURSE  IN THE BLENDED LEARNING PAGE ON THE UNIURB WEBSITE.

Course books

Teaching material and support activities:

The teaching material provided by the teacher can be found, together with other support activities, within the Moodle platform> blended.uniurb.it

Suggested texts:

For the securities market:
R. COSTI, Il mercato mobiliare, Giappichelli, Turin, 2018, or latest  edition available

With reference to the banking sector:
R. COSTI, L’ordinamento bancario, Il Mulino, Bologna, last edition available (Chapters III, IV and X only)

Or alternatively 

F. Vella - G. Bosi, Diritto ed economia di banche e mercati finanziari, Bologna, Il Mulino, 2019 (Onlly chapters VI, VII, VII,IX, fromp p.163 to p. 292, and chapter  XI, from p. 327 to p. 350).

For the insurance sector:

A. Donati - G. Volpe Putzolu, Manuale di diritto dell’assicurazione, Milan, Giuffrè, last edition. (Introduction only, Part One, and Part Two, from p. 3 to p. 102).

NB It is necessary to accompany the study of the manuals with the consultation of the most recent version of the Testo Unico della Finanza and its implementing regulations (Regolamenti mercati, emittenti ed intermediari, and Consob-Banca d'Italia's joint regulation), regulatory material available on the website www.consob.it in the documentation section.

Suggested reading:

E. Righini, Behavioural law and economics, Franco Angeli, Milano, 2012

Assessment

Every student, attending or not, should take  the final exam in form of an oral interview on the topics discussed in the abovementioned reference texts. The oral interview mode allows students to show, in addition to their communicative abilities, their acquisition of the analytical and critical skills required by  the complexity of the subject and the matters object of the course, of which he or she must demonstrate adequate knowledge and understanding.
By the interview, expected learning outcomes will be evaluated through three or more questions. The evaluation criteria and scores are determined according to the following scale:
• less than 18/30 - insufficient level: the candidate does not achieve any of the learning outcomes provided for in the "knowledge and understanding skills" point;
• 18-20 / 30 - sufficient level: the candidate achieves, in particular, the learning outcomes provided for in "Knowledge and understanding skills";
• 21-23 / 30 - Fully sufficient: the candidate achieves, in particular, the learning outcomes provided for in "knowledge and understanding skills" and "knowledge and understanding of applied skills";
• 24-26 / 30 - good level: the candidate achieves, in particular, the learning outcomes provided for in "knowledge and understanding skills"; "Applied understanding and understanding" and "autonomy of judgment";
• 27-29 / 30 - very good level: the candidate achieves, in particular, the learning outcomes provided for in "knowledge and understanding skills"; "Knowledge and understanding skills applied"; "Autonomy of judgment" and "communicative abilities";
• 30-30 and praise - excellent level: the candidate fully achieves the learning outcomes provided for in the "knowledge and understanding skills" points; "Knowledge and understanding skills applied"; "Autonomy of judgment"; "Communicative abilities" and "ability to learn".

On special conditions, the teacher may provide that exams may exceptionally take place in written rather than oral form.  The modalities of the written exams will be those indicated below in the box. 
 

Attending students, however, have the possibility to choose whether to replace part of the oral exam with two written tests, one on banking, insurance, public offers and investment services, the second on institutional  investors, regulation of markets and listed companies.  The written tests will consist of 30 multiple choice questions (which will be solved in a time of 30 minutes) and which concern the acquisition of the fundamental notions on each part of the program.
  The multiple choice questions will award a score of 1 point for each correct answer and zero points for each omitted or incorrect answer.  By answering multiple choice questions, students can acquire knowledge of the institutes and related discipline.

  The final grade will consist of the arithmetic average of the marks obtained in the two written tests, and the result of the presentation of an oral paper on behavioral law and economics.

  Through the oral dissertation, proof must be given to have acquired full mastery of the concepts covered in the course and to be able to appropriately language one's arguments in a succinct but synthetic way and in limited time, using a language and identifying the essential elements the exposure

Additional Information for Non-Attending Students

Didactics

Individual study of the texts indicated and of the materials on the blended platform

Attendance

Individual study of the texts indicated and of the materials on the blended platform

Course books

Teaching material and support activities:

The teaching material provided by the teacher can be found, together with other support activities, within the Moodle platform> blended.uniurb.it

Suggested texts:

For the securities market:
R. COSTI, Il mercato mobiliare, Giappichelli, Turin, 2018, or latest  edition available

With reference to the banking sector:
R. COSTI, L’ordinamento bancario, Il Mulino, Bologna, last edition available (Chapters III, IV and X only)

Or alternatively 

F. Vella - G. Bosi, Diritto ed economia di banche e mercati finanziari, Bologna, Il Mulino, 2019 (Onlly chapters VI, VII, VII,IX, fromp p.163 to p. 292, and chapter  XI, from p. 327 to p. 350).

For the insurance sector:

A. Donati - G. Volpe Putzolu, Manuale di diritto dell’assicurazione, Milan, Giuffrè, last edition. (Introduction only, Part One, and Part Two, from p. 3 to p. 102).

NB It is necessary to accompany the study of the manuals with the consultation of the most recent version of the Testo Unico della Finanza and its implementing regulations (Regolamenti mercati, emittenti ed intermediari, and Consob-Banca d'Italia's joint regulation), regulatory material available on the website www.consob.it in the documentation section.

Suggested reading:

E. Righini, Behavioural law and economics, Franco Angeli, Milano, 2012

Assessment

Every student, attending or not, shoul take the final exam  in form of an oral interview on the topics discussed in the abovementioned reference texts. The oral interview mode allows students to show, in addition to their communicative abilities, their acquisition of the analytical and critical skills required by  the complexity of the subject and the matters object of the course, of which he or she must demonstrate adequate knowledge and understanding.
By the interview, expected learning outcomes will be evaluated through three or more questions. The evaluation criteria and scores are determined according to the following scale:
• less than 18/30 - insufficient level: the candidate does not achieve any of the learning outcomes provided for in the "knowledge and understanding skills" point;
• 18-20 / 30 - sufficient level: the candidate achieves, in particular, the learning outcomes provided for in "Knowledge and understanding skills";
• 21-23 / 30 - Fully sufficient: the candidate achieves, in particular, the learning outcomes provided for in "knowledge and understanding skills" and "knowledge and understanding of applied skills";
• 24-26 / 30 - good level: the candidate achieves, in particular, the learning outcomes provided for in "knowledge and understanding skills"; "Applied understanding and understanding" and "autonomy of judgment";
• 27-29 / 30 - very good level: the candidate achieves, in particular, the learning outcomes provided for in "knowledge and understanding skills"; "Knowledge and understanding skills applied"; "Autonomy of judgment" and "communicative abilities";
• 30-30 and praise - excellent level: the candidate fully achieves the learning outcomes provided for in the "knowledge and understanding skills" points; "Knowledge and understanding skills applied"; "Autonomy of judgment"; "Communicative abilities" and "ability to learn".

On special conditions, the teacher may provide that exams may exceptionally take place in written rather than oral form.  The modalities of the written exams will be those indicated  in the box for attending students.

Notes

Students can request to sit the final exam in English with an alternative bibliography.

IMPORTANT NOTICE: DUE TO THE METHODS OF DELIVERY OF THE TEACHING, WHICH, FOR THE SITUATION RELATING TO THE CORONAVIRUS, COULD TAKE PLACE SIMULTANEOUSLY IN PRESENCE AND IN STREAMING ON THE MOODLE PLATFORM, IN SUCH CASES STUDENTS WILL BE CONSIDERED ATTENDING  WITHOUT ANY DISTINCTION BETWEEN THOSE WHO WILL BE PRESENT IN THE CLASSROOM AND THOSE WHO WILL FOLLOW BY TELEMATICS, BECAUSE THEY PREFER NOT TO PARTICIPATE IN PRESENCE.

IN ORDER TO ACCESS THE LESSONS IN STREAMING, STUDENTS SHOULD REGISTER ON THE MOODLE PAGE OF THE TRADE AND FINANCIAL MARKETS LAW COURSE  IN THE BLENDED LEARNING PAGE ON THE UNIURB WEBSITE.

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