FINANCIAL MARKET LAW

The course is an interdisciplinary activity of the Bachelor's Degree in Economics and Finance, in the homonym curriculum.
The course aims at explaining the fundamental aspects of the Italian securities market with particular attention to the important innovation of the Italian financial market legislation and to the changes of Italian primary and secondary securities market legislation following the European regulations and directives.

1. Knowledge and understanding
1.1 Knowledge of rules in national and international financial system.
1.2 Knowledge of law and regulation of financial intermediaries.
1.3 Understanding and analyzing practices and process of financial supervision.

2. Applied skills of knowledge and understanding
2.1 Ability to interpret and apply financial regulations, in particular regard with activities, correct behavior of intermediaries and market transparency.
2.2 Ability to apply rules about financial market contracts and rules of behaviour appointed by law and regulators.

3. Evaluation
3.1 Ability to interpret legal texts and secondary legislation on financial market.
3.2 Ability to analyse the regulatory implications stemming from the different types of financial business.
3.3 Ability to identify critical profiles of financial intermediaries activity, also with regard to public interests protected by financial system.

4. Communication skills
4.1 Knowledge and ability to communicate the characteristics of financial law, using the proper terminology.
4.2 Ability to engage in a critical analsys during the assessment test.

Students are expected to know the contents of the courses of Business/Commercial (and Economic) Law I and II.

1. Notes on the historical evolution of securities market legislation in Italy.
2. General principles regarding regulation and supervision of financial intermediation. Regulation Authorities: Consob, Banca d’Italia (hints), other Authorities (hints).
3. Investment services and activities (with an outline about the authorization proceedings of intermediaries). Financial instruments and products. Rules of behaviour of financial intermediaries and regulation about investor protection.
4. The off-site offer and the distance offer of financial products.
5. Financial market contracts (hints).
6. The appeal to the public savings.
7. Solicitation of investment (public offers for sale and subscription).
8. The solicitation to disinvestment (OPA – mandatory tender offers).
9. Insider Trading and market manipulation.
10. Financial markets and stock exchange rules (hints).

The students can choose between:
F. ANNUNZIATA, La disciplina del mercato mobiliare, Giappichelli, Torino, IX ed., 2021, chapp. I (hints), II, III, V, VI, VII, VIII, IX, XIII (hints), XV, XVI, XVII;
F. CAPRIGLIONE (a cura di), Manuale di diritto bancario e finanziario, Cedam, Padova, 2019, chapp. 3 (hints), 4 (only parts regarding regulation and supervision of financial intermediation), 6, 7, 10, 13, 15 par. 5, 17, 19, 20, 21 sez. I and III, 21 sez. II (hints).

The final exam consists exclusively in a written test in order to verify the knowledge and comprehension of the course contents, the proper reporting of them and the ability of consulting legal texts.
The final written exam consists of 15 multiple choice questions, and 1 open question and lasts 30 minutes. The overall evaluation of the test will give the right to a vote expressed in thirtieths.

Frontal lecturing and teacher-students interaction.

Italian

In cooperation with: CESVE S.p.A.

Accessibility, Disability and Inclusion
Accommodation and support services for students with disabilities and students with specific learning impairments:
Ca' Foscari abides by Italian Law (Law 17/1999; Law 170/2010) regarding support services and accommodation available to students with disabilities. This includes students with mobility, visual, hearing and other disabilities (Law 17/1999), and specific learning impairments (Law 170/2010). If you have a disability or impairment that requires accommodations (i.e., alternate testing, readers, note takers or interpreters) please contact the Disability and Accessibility Offices in Student Services: disabilita@unive.it.

written