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.

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

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.

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

Attending students will have the opportunity to access self-assessment tests that will be held during the lessons.

Seminars could be organized during the course.

Teaching

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, behavioral law and economics and financial education.

Innovative teaching methods

Seminars on the topics of financial education and behavioral finance may be organized during the course.

Furthermore, some moments of the course may include group work on the analysis of documents and in-depth texts in English.

Attendance

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

The condition of attending student allows to take partial self-assessment tests during the lessons and to submit theses with additional score during the final oral exam

Course books

Course texts:

For the securities market:
R. COSTI, Il mercato mobiliare, Giappichelli, Turin, 2020, or latest  edition available

With reference to the banking sector:
R. COSTI, L’ordinamento bancario, Il Mulino, Bologna, 2012 or 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, 2023 (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, 2019 or 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 optional reading:

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

E. Righini. Educazione finanziaria. Uno strumento per cittadini, risparmiatori e mercati, Franco Angeli, Milano, 2020.

F. Vella, Diritto ed economia comportamentale, Il Mulino, Bologna, 2023

Assessment

Every attending student 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".

In particular circumstances (such as, for example, high number of students enrolled in the exam, health safety needs, etc.) the teacher may provide for the test to take place in writing.  In this case the test will take place in the manner indicated below.

 The written test will consist of 30 multiple choice questions (which must be solved in 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 the multiple choice questions, students will have to demonstrate their knowledge of the institutes and related discipline.

 At the oral exam, attending students can also proceed to the presentation of an optional oral essay on the subjects of behavioral law and economics and financial education, deepening a topic of their choice within the material that will be published in a specific section of the page. blended of the course.

 Through the oral essay it will be necessary to demonstrate that they have acquired full mastery of the concepts and be able to present their arguments in a rigorous but concise manner and in limited time, using appropriate language and identifying the essential elements for the exposition. 

Additional scores may be recognized at the term paper presented orally according to the following criteria:

1 point: sufficient

2 points: good

3 points: excellent

Disability and Specific Learning Disorders (SLD)

Students who have registered their disability certification or SLD certification with the Inclusion and Right to Study Office can request to use conceptual maps (for keywords) during exams.

To this end, it is necessary to send the maps, two weeks before the exam date, to the course instructor, who will verify their compliance with the university guidelines and may request modifications.

Teaching

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

Attendance

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

Course books

Course texts:

For the securities market:
R. COSTI, Il mercato mobiliare, Giappichelli, Turin, 2020, or latest  edition available

With reference to the banking sector:
R. COSTI, L’ordinamento bancario, Il Mulino, Bologna, 2012 or 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, 2023 (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, 2019 or 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.

Assessment

Every non attending student 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 (such as in the case of a large number of students participating in the exam or exceptional reasons of health and hygiene safety), 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 below indicated.

The written test 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 must show knowledge of the institutes and related discipline.

Disability and Specific Learning Disorders (SLD)

Students who have registered their disability certification or SLD certification with the Inclusion and Right to Study Office can request to use conceptual maps (for keywords) during exams.

To this end, it is necessary to send the maps, two weeks before the exam date, to the course instructor, who will verify their compliance with the university guidelines and may request modifications.

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